Combining Debt Planning and Retirement Planning: The Benefits of Retirees for Tackling Both...

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COMBINING DEBT PLANNING AND RETIREMENT PLANNING The Benefits for Retirees of Tackling Both Simultaneously

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Retirement means many things to many people. The most common denominator is the freedom of no longer having to worry about making ends meet. Learn how you can have a debt-free retirement in Vermont in this presentation.

Transcript of Combining Debt Planning and Retirement Planning: The Benefits of Retirees for Tackling Both...

Page 1: Combining Debt Planning and Retirement Planning: The Benefits of Retirees for Tackling Both Simultaneously

COMBINING DEBT PLANNING AND RETIREMENT PLANNING

The Benefits for Retirees of Tackling Both Simultaneously

Page 3: Combining Debt Planning and Retirement Planning: The Benefits of Retirees for Tackling Both Simultaneously

Retirement means many things to many people

The most common denominator is the freedom of no longer having to worry

about making ends meet

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Most of us can relate to writing those checks each month and thinking to ourselves, “This will be worth it one day when I’m retired and enjoying

today’s sacrifices”

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By teaming with your estate planning lawyer and a financial advisor, if you choose to have one, your team will have the shared goal of making sure your debt free

retirement comes full circle

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Whether you’re a year from retirement or your co-workers are planning for your retirement party

next week, it’s never too late

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Making the best decisions as you prepare to step into retirement means

no worries a year from now

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From which family members you wish to include in your will to how your IRA

and other assets affect your loved ones, never underestimate their

importance

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Don’t underestimate the role of your relationships:

Your estate planning attorney, financial advisor and CPA come together to create a

formidable team dedicated to your successful retirement

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Your will, any trusts you have in place, beneficiary designations, life insurance

policies, etc

Organize those crucial documents:

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Consider your complete financial security during your retirement years

Realistically calculate your needs in retirement:

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Providing for your spouse, children, grandchildren, charitable donations, etc

Define long-term goals:

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Your estate planning lawyer can discuss the choices you made years ago in preparation for today’s retirement

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It’s important to go over any trusts you put in place, review your charitable gift

strategies and what was included in your will when you wrote it

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By looking at the “total picture”, you’re better informed as you move

closer to retirement

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Not every family has a need for special needs trusts, but if you do, these are what

allow disabled beneficiaries to receive various funds (think lawsuit settlements and gifts) without compromising their eligibility for government programs

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They provide money for additional medical services that might not be necessary for

life, but that can improve one’s quality of life

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It allows you to decide who will carry out your financial decisions and affairs should

you become incapacitated

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This legal document allows you to name someone to manage your property while

you’re still living

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You, who fills the role as the creator of the trust,

The Trustee, named by you to manage the assets according to your stipulations and Your Beneficiaries, who receive the assets

in the trust as part of their inheritance

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As long as you remain the grantor, you maintain control of your assets in that trust

and with no tax consequences

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These are just a few of the many important estate planning documents that you should

consider as you prepare for retirement

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Be sure to explore all of your options with your estate planning lawyer, who will

ensure that you have these documents, if they’re needed, along with anything else

that will allow you to move comfortably into this next exciting phase of your life