Retirement and estate planning is so easy to put off, as both events seem so distant. But the best way to make sure you meet your goals is to begin planning early.
One tip we offer – instead of looking at your current financial situation and asking yourself how much you can afford to save, look at the process in reverse. Ask how much money you will need at retirement to support the standard of living you desire.
To do this, of course, you will need to think about how you would like to spend your retirement years. These plans are certainly not set in stone, and with both retirement and estate planning, needs change as life changes, and you can update plans to meet those changes.
Once you know what your retirement planning goals are, how much money will you need to finance them? If you know your ultimate savings goal, you can work back to determine your savings needs. This allows you to have more control over your retirement goals, rather than your current savings ability controlling how you spend your later years.
When you know how much money you will need for retirement, and how long you plan to work before you actually do retire, you will be better able to determine a plan of attack for saving for retirement.
An estate planning attorney can help you with many of the planning tasks for later years, such as creating a will, incapacitation planning, advance medical directives and more. By taking a holistic approach to the estate planning process, we make sure all aspects of your plan coordinate to meet your family’s needs.