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Three Initial Steps of Retirement Planning

October 1, 2020

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Retirement! You’ve worked your entire life for this moment. The question is, have you secured your assets sufficiently to protect and fund your retirement for many years to come? 3 key steps to retirement planning, along with some expert help and support will ensure your retirement is ready for the long haul.

 

Step 1: Update Your Will

 

When was the last time you looked at your will? Chances are, it was at or around the time your children were born or you purchased a home. Your financial resources have likely changed significantly since then, and so too must your will.

 

While a will on its own may not be the best way to protect your assets in retirement, it certainly should reflect your current financial situation and priorities. If your life has undergone major changes since your will was last prepared, it’s time to take a look!

 

Step 2: Protect Your Assets

 

Asset protection planning encompasses a host of financial strategies to protect and maximize everything you have worked tirelessly for your entire life. From your home to retirement and savings accounts – protecting your assets from taxes, long term care costs and probate is essential.

 

We all know life can change in an instant, and preparedness is the key to embracing those changes head on. Protect your assets in the event of a major life change, and to secure a long and stress-free retirement. 

 

Step 3: Tax Plan for Your IRA

 

Until this time in your life, your IRA has been a point of collection and savings towards your retirement. Now that you are closing in on the work finish line, do you know if your IRA plan is protected from excess taxes and long-term care costs? Probably not!

 

Many retirees begin taking their minimum distribution at the age if 72 years, but is this plan in your long-term best interest? Suitable IRA tax planning and asset protection planning will ensure sunny days ahead rather than unpredictable financial storms.