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A few More Things for Your “Honey Do” List: Retirement and Estate Planning


Honey Do

Luckily I know that my wife does not read my blog, but for people who love making lists and crossing off tasks as they are completed, know how helpful lists can be for everything from work to vacations to the holiday season. However, lists are also great tools for retirement planning, according to The (Sterling, CO) Journal-Advocate’s article, “Here's your retirement 'to do' list.”

Timing your retirement. You may have long expected to retire at a certain age, but be certain that it’s the best for your overall financial situation. If you enjoy your job and you stay for a few more years, you may dramatically increase the funds in your 401(k) or other retirement plan. You might also even be able to delay taking Social Security, which would mean larger monthly payments.

Retirement lifestyle. Try to estimate the cost of your retirement lifestyle. When you know what your retirement lifestyle might look like, you can better calculate your costs and expenses. These figures will help you decide how much you’ll need to withdraw each year from your retirement accounts, like your IRA, 401(k), or other employer-based plan.

Retirement plan withdrawals. In addition to knowing how much you’ll need to withdraw from your retirement plans, you also must know how much you are required to withdraw. When you turn 70 ½, you typically must begin withdrawing money from your traditional IRA and 401(k) accounts. These required minimum distributions or “RMDs” are based on your account balance, age, and other factors. If you fail to withdraw the full amount of the RMD by the deadline, the amount not withdrawn will be taxed at a 50% rate.

Health insurance costs and coverage. When you turn 65, you’ll likely be eligible for Medicare. However, you should understand the things that it does and does not cover in order to create your annual health care budget. If you want to retire early, you may lose your employer-sponsored health insurance. You’ll need to be ready for the prospect of large out-of-pocket costs.

Long-term care. Remember that Medicare doesn't cover (or only covers a small portion of) long-term care. Look into a way to reduce your risk by speaking with a knowledgeable attorney and insurance agent.

Estate planning. An estate planning attorney will be able to help you with the documents that are necessary to distribute yours assets and plan for incapacity. This includes a will, a living trust, durable power of attorney, healthcare directive, and other documents, depending on your situation.

Once you’ve checked these items off your retirement and estate planning “honey do” list, you and your spouse will be better able to enjoy your pre- and post-retirement life.

Do you live in Miami-Dade, Broward, or Palm Beach counties in Florida? Laws are constantly changing-- has your estate plan been reviewed in the last 2-3 years? Call me (954-888-1747) right away for peace of mind. I can help!

  • My practice is exclusively estate planning and probate,
  • I have prepared numerous estate plans in 16 years of practice,
  • I have administered estates and trusts through Probate all over Florida,
  • I am a Certified Financial Planner Professional™, and
  • I am here for YOU today and there for your FAMILY tomorrow.

Reference: The (Sterling, CO) Journal-Advocate (December 13, 2016) “Here's your retirement 'to do' list”

Why would we recommend D.T.F.? Several Reasons: Your ability to explain complex estate problems, clearly and patiently; your total lack of arrogance and pretense; a strong feeling that you are motivated by what you perceive is best for your client, rather than what would generate the largest legal fees; finally, and importantly, you are a lovely guy. A.C.

Two words cannot sum up the entire process of creating my “trust.” I enjoyed your attention to detail, your patience of explaining terms and conditions until I understood, also giving me copies to read and understand. Thank you for your suggestions on what was best for “me” but still allowing me to make my choice. Most of all, thank you for thinking of “me.” Wells Fargo said “you were the best” I cannot deny that. Again thank you very much for everything. Anna is an asset or a compliment to the firm. She is warm and very caring. It was great doing business. Thank you.