Retirement plans aren’t one-size-fits-all solutions. Instead, they should be developed around your particular needs and assets, so that you have a strategy that works for you. However, there are a few key things that every retirement plan should consider if you want to spend your golden years in comfort. Here they are, from an experienced elder law attorney in New Jersey.
- Debt: Debt isn’t always a bad thing – but only when you are earning money. Reducing your debt as much as possible before retirement will reduce drain on your income and reduce interest you have to pay back, which means more money to spend on yourself.
- Lifestyle expenses: Think about what you want your retirement experience to be, and consider the expenses involved to help build an estimate of how much money you will need. This includes travelling to see the world, or to visit loved ones, as well as where you would like to retire to (a luxurious CCRC community, a state with lovely weather, etc.), and so on.
- Income: In addition to traditional income streams like investments and retirement annuities, many retirees also plan for additional forms of income like opening a small business, royalty streams, and websites.
- Medical care: This is one of the biggest concerns and spending areas for seniors, and solid retirement plans include comprehensive insurance for long-term care. Think about what kind of care option you would prefer if you needed it – nursing home, in home care, care through a family member, or assisted living? Each option comes with a different cost that should be calculated into your plan.
- Estate planning: This is about ensuring that your assets go where you want them to go after you pass, as well as who you would like to step in to assist you if you become incapacitated. This makes it a very important part of retirement planning. By legally appointing a trusted person to carry out your legal and medical choices under circumstances you determine, and by ensuring the people of your choice benefit from your life’s work, estate planning actively protects your rights and assets.
Compassionate legal advice from an experienced NJ elder law attorney
Frank R. Campisano is highly experienced and compassionate elder law attorney with considerable knowledge of estate planning, retirement planning, and Medicaid issues. Experienced in elder law, compassionate and committed to his clients, you’ll receive the highest quality legal expertise and guidance. In addition to elder law advice, you can also prepare additional estate planning documents, such as your Last Will and Testament, Power of Attorney documents, medical directives and trusts.
For a free consultation, please contact us today or visit our website at http://www.scclegal.com/