As you approach the holidays, there’s a chance that there are plenty of different things on your to-do list but it’s well worth your time to add retirement planning checklist onto the growing group of things you need to approach. Here are four things you need to keep in mind as you approach retirement age. (POSTED)
Know the Retirement Plan Withdrawal Rules
It’s not enough to know how much you intend to withdraw from retirement plans. You also need to be aware of the fact that once you reach age 70 and a half, you’ll probably have to start taking money out of your 401(K) and your traditional IRA.
This is a Good Time to Evaluate Estate Plans
There are numerous different documents that could be involved in your estate planning process including a will, a power of attorney or a living trust. Working directly with a knowledgeable estate planning attorney can help you figure out which ones are right for you.
Know Your Healthcare Situation
Although you become eligible for Medicare at age 65, keep in mind that this is unlikely to cover any of your long term care costs in a significant way. Make sure you’ve also got an annual budget for healthcare, too.
Think Carefully About Your Retirement Lifestyle
Whether or not you intend to travel significantly in retirement can have a huge influence over your ability to budget things out in the long run. Make sure you put a price tag on your retirement lifestyle and consider what changes you may be able to make to affect it.
A good Georgia estate planning attorney can help you initiate the process of putting together your key estate planning documents.