Planning early for your retirement is the best way to ensure that you can enjoy your golden years. Keep in mind that while it’s never too early to start planning, it can sometimes be too late. That’s why it’s a good idea to take a look at all your retirement options and work with an Encino elder law attorney to develop a strategy that works for you. Here are the three key areas you should consider when making your retirement plan:
Goals
The most important part of your retirement planning is to determine what your goals are since this will inform your retirement choices. When do you want to retire? Where? What do you want to do while you’re retired? Working until you’re 65, living in a high-tax state, and planning to travel during your retirement looks a lot different than working until age 75, retiring to Florida, and enjoying your days by the pool. It’s important to note that it doesn’t matter what your choice is: it’s your retirement and you can do what you want, which is the beauty of it. You just need to have a clear picture of what you want your retirement to look like, so you can take the steps you need to achieve it.
Federal Benefits
Keep in mind that when you reach retirement age, you will have certain benefits available to you such as Social Security, Medicare, or VA benefits if you are retired military. These benefits can help supplement your retirement savings and investment income, though if you plan to rely mainly on Social Security, there are certain considerations to keep in mind. Delaying your retirement to collect a bigger Social Security check is an option, but one you should discuss with an Encino elder law attorney to make sure you have all the information you need to make the right choice for you.
Income
Just because you stop working doesn’t mean you can no longer collect income in your retirement. Retirement accounts and annuities, as well as dividends from investments, can help provide a steady income after you’ve retired. In addition, you may want to take a low-stress part-time job or start your own side business to help supplement your income. Working in retirement has the added benefit of keeping you busy, which many retirees realize they want once they’ve stopped working.
If you’d like more information about financial retirement planning, or if you’d like to speak with an experienced elder law attorney about your current retirement plan, please set up an appointment at our Encino elder law office by calling (818) 905-6088
