Many of us today worry about having enough money for our retirements. We are living longer and health care costs continue rising, especially long-term care which many of us will likely need. But there are some things we can do now to help manage our shortfall risk and protect our assets. Many of us today worry about having enough money for our retirements. We are living longer and health care costs continue rising, especially long-term care which many of us will likely need. But there are some things we can do now to help manage our shortfall risk and protect our assets.
The Role of Specialists A retirement specialist can help you determine the best strategy for taking distributions from an IRA, 401(k) and other retirement accounts; the tax implications involved; how to continue to grow your savings; when to start taking Social Security benefits; and how to plan for out-of-pocket medical and long-term care costs. An estate planning attorney can help you shield your family and your assets from probate court interference at incapacity and death, unintended heirs, unnecessary taxes and lawsuits. Other specialists can be brought in as needed, for example when life insurance is used to provide an inheritance for a child who does not work in the family business. What You Need to Know The financial advisor who helped you grow your retirement nest egg may not be the best choice to help you determine how to take your money out. An innocent error by a well-meaning but inexperienced advisor can result in a costly and often irreversible mistake. Actions to Consider Be open to new products and strategies that you may not have considered in the past. For example, consider trusts combined with investments and property to manage the conflicting demands of income, spending, taxes, distributions and transfers. Explore new long-term care options from insurance companies. These include:
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