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Estate planning and retirement: Ensuring financial security in your golden years

On Behalf of | Jun 12, 2023 | Retirement planning

When Should You Start Planning for Retirement?

When it comes to planning for retirement, the general rule is as soon as possible. If you haven’t started, don’t fret! There is still time to make sure that you can enjoy your retirement years to the best of your financial ability by getting started with estate planning and retirement planning. 

What Does Retirement Planning Entail?

  • Become clear about your retirement goals

Almost everyone wants to retire, but it’s vital that you make your retirement goals clear and realistic so that you can achieve them. Thinking about how much you would like to save, where you would like to reside, and what you would like to leave for your loved ones are all good places to start. You might also consider travel expenses, experiences you would like to enjoy with friends and family, or any charitable organizations you would like to continue to contribute to into your retirement goals. These are your golden years after all!

  • Create a financial plan 

Working with a financial advisor along with a trusted estate attorney allows you to fully understand your financial situation and plan accordingly. This plan should include strategies to save and invest for retirement, manage debt, optimize tax efficiency, and make provisions for unexpected events such as medical emergencies or market downturns.

Your financial advisor can also help you choose a retirement and savings plan that best suits your needs including plans such as:

  1. 401k
  2. Roth IRA
  3. Traditional IRA
  4. Self-Directed IRa
  5. Simple IRA
  6. SEP IRA
  7. Solo 401ks

Retirement planning introduction with Nerd Wallet

  • Create and/or Update Your Wills, Trusts, and End of Life Plans

Making sure that your wills, trusts, and end of life plans are carefully and thoughtfully prepared is vital. These estate planning documents allow you to prepare for your future as well as your loved one’s futures. If you have already created these documents, updating them regularly as your life plans change is 

Don’t have a will or trust? Set up a consultation HERE to start the process


How Should You Start Planning?

Retirement planning can be made stress-free with the help of an experienced estate planning attorney. Everyone’s retirement planning is unique and tailored to each individual, so it’s important to utilize an attorney who understands your needs and can help you achieve your retirement goals. Contact Windrose Law Center’s knowledgeable attorneys to begin your retirement planning at 602-457-1846.