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How Does Retirement Planning Fit Into Estate Planning?

Gene Kirzhner March 8, 2018

While retirement planning and estate planning are two different concerns, they are ones that intertwine. It may not seem like it at first glance, but one rolls into the other. But, the question is how does retirement planning fit into estate planning? Is it necessary to account for it? It might seem like these are simple things, but they are questions best answered by professionals. Guessing or following wrong answers can have a disastrous effect that for not only for you but your loved ones. This is why you need to see an attorney about estate planning and mention your retirement planning. The more they know, the better they can help you.

Retirement Planning

Planning for your retirement is very important. Social security is a very hot topic right now because there is concern that there will not be enough money in the future. That isn’t a chance that you want to take. It is something that can potentially land you homeless and on the streets. This is why so many people are starting to pay more attention to retirement planning and making sure that there is a safety net. That way, if they do receive social security, it is just a bonus on top of what they already saved. And who is going to complain about more money? Estate planning is analogous, in that you don’t want to wait too long or leave anything to chance. And in many ways, retirement planning rolls into estate planning.

Estate Planning

Planning for your estate is important, no matter your age. These days, you never know what will happen. People are dying every day and in an unforeseen way. Planning for the distribution of your estate is essential. This becomes even more prevalent in those who are older. Illness can strike at any moment. In some cases, something as small as pneumonia can be a struggle. This isn’t a risk that you want to take. Dictating the terms of your estate and who gets what ensures that all matters are taken care of. These aren’t only matters like assets. This can also mean that any unpaid bills or costs for a funeral are accounted for. Estate planning means that everything has a place and it goes where it belongs. You can read more about it here.

Estate and Retirement Planning

While you are planning your retirement, it is a good idea to plan for your estate. This will ensure that any money that you are saving for retirement is accounted for and left in the hands you want it. But, also it means that later on, you won’t have to plan for your assets and their division. This comes in handy when you are older and already retired. Once you are retired, you will be in an age range that means that you are at risk for many health problems. Some of these are sudden, and symptoms can go unnoticed. Planning for your estate while retirement planning saves you time and fees, but it also alleviates stress on your family. It is better to get it all done at once and be safe, than wait for later and take a risk.

Estate and Retirement Planning with An Attorney

While it might not seem like something you need an attorney for, you do. The laws in these matters get very complicated and murky. Making a mistake might make your paperwork void or cost your loved ones in assets they would have received. Even something as simple as a will needs a lawyer’s trained eye. This isn’t something you want to handle yourself. Even beyond the paperwork, they are a benefit to you. Their experience and understanding of the law will ensure that there is no stone unturned and every T is crossed. That is exactly what you need in these matters, so it is an investment in your future, not expenditure.

When talking to your estate attorney, ask about your retirement planning. They will be able to offer you some great advice about where to start and how it will integrate into what you have already set in motion. You will find that there are tremendous benefits and few drawbacks. It is also something that you will want to discuss, given the bills passed and changes in the laws. These are all questions that they can answer for you, with expertise and clarity. You just want to make sure that you find someone who is well versed in this area of the law. Their years of experience will be a tremendous tool in planning out your future and making sure everything is taken care of. And ultimately, that is the goal. You want to make sure that your loved ones and your assets are all taken care of. You can start your search here.