Five Estate Planning Tips for Your Retirement

There is no better time than the present to get a handle on the future. When it comes to retirement, good estate planning can protect and grow the wealth you have accumulated.

Our estate planning attorneys work each day with individuals, couples, and families to create effective estate plans to direct resources and make important, informed choices. While many put off making a will, or planning for Medicaid, the process brings peace of mind knowing you and your family are protected.

Here are some tips to consider when you want to optimize your retirement planning:

  1. Take stock: As you acquire wealth, valuable possessions, real estate, and financial accounts, it is a good idea to create an inventory of your significant assets and liabilities. If you own, or are part owner of a business, have investment or retirement accounts, it is good idea to keep an active, current account of your value. Your inventory tracks your assets and can be used by you and your estate planning attorney to discuss your will and options like trusts and other strategies.

  2. Maximize retirement income: If your employer offers a retirement plan, consider contributing the maximum amount allowable each year to the plan. To take advantage of tax and other benefits, consider opening an IRA account as early in your career as possible.

  3. Your expenses now and then: Take a close look at money going out and coming in right now. How much of the expense and income will remain after you are retired? Where and how do you want to live? When do you want to retire and how does that match up with the wealth you have acquired for retirement? There are many different visions of retirement—what is yours? The better you can articulate what you would like your retirement to look like, the more likely it is you can achieve it. While circumstances may intrude, you will have a plan moving forward. If you are currently living beyond your means, now is a good time to pare back.

  4. Get good advice: Seek experienced financial and legal advice about the law, regulations, and financial tools you can use to pay down debt and accumulate and preserve wealth. When you discuss retirement with a planning professional, you can set out a savings and investment plan that best meets your future retirement goals.

  5. Stay healthy: Reduce stress, exercise, and do what you love. Be sure you are in the best possible physical shape to enjoy the years ahead.

Begin your retirement planning as early in your career as possible. Or, if you are midway or nearing retirement, take advantage of resources and planning advice to make sure you and your family can make the most of your retirement years.

New York estate planning attorneys answer your questions

Serving New York and New Jersey, the legal team at Lissner & Lissner LLP has more than 65 years of experience with estate planning, trusts, Medicaid planning, and restitution claims for victims of Nazi persecution and their heirs. Call (212) 307-1499 or contact us today.

Micheal Lissner
About the Author: Michael Lissner
Micheal D. Lissner is an experienced trust and estate planning and administration attorney serving the New York City area. He handles cases ranging from estate planning to trust administration, medicaid planning, elder law, and representation of survivors of the Holocaust and their heirs