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A reverse mortgage can provide cash or “longevity insurance” when other sources of retirement income stay in their homes and can provide a financial safety net for those worried about outliving their retirement Some folks don’t have enough savings to get through retirement, so they may use all of their wealth—including home equity—as a retirement income source. use reverse mortgages to create a cash buffer in the event a dip in the stock market depletes their retirement

Private insurance and Medicare won’t pay for assisted living, continuing care in retirement communities Medicaid will cover long-term care, but qualifying can be challenging for many retirees and guidelines The average person enters retirement with a median $131,000 in retirement savings. Depending on your situation, trusts and asset transfers may be useful, especially if implemented before

organization of your choice rather than your former spouse or partner Creating or reestablishing a trust incapacitated Naming a new executor for your estate Powers of Attorney If you have not already selected a trusted Retirement Accounts Once your divorce has been finalized, you will also want to make sure to update the beneficiaries listed on your retirement accounts. You may want to solicit the help of a trusted estate planning attorney for this task.

Consider Dividing Assets into Trusts for Dependents If you have dependents, talk to your attorney about dividing your assets into trusts for your children. are retirement benefits and family businesses. Retirement benefits don’t always just go to the individual who received these benefits through their If you have questions about dividing assets or trusts please feel free to give the experts at Your Legacy

CNN Money’s article, “The retirement crisis facing Hispanics,” reports that part of the reason for this is that many Hispanics—especially those in low-wage jobs—don’t have access to retirement plans. Low rates of participation contribute to low rates of retirement savings. As a result, many Hispanics rely on Social Security as their sole financial support in retirement. When they do have access to employer retirement plans, Hispanic workers generally don’t contribute as

We need to distinguish between contributions to a Roth individual retirement account and the earnings and Estate Planning Documents What happens with your estate-planning documents when you move during retirement However, the laws involving probate, property, trusts and estate taxes are different in each state.

Younger Women There are plenty of reasons that a younger woman needs to meet with a Houston will and trust An estate planning attorney may also advise younger mothers to consider setting up a trust for their Whether married or not, many younger women have careers and would benefit from retirement planning in Looking to retire young, to pay for your kids’ college, or to travel the world?  A Houston will and trust lawyer can help put things in motion now to make that a reality later.

automatically terminate your ex’s beneficiary designation on separate documents like your employer-sponsored retirement If, in your retirement plans, you named your spouse as the primary beneficiary, he or she has the right to transfer all or part of the retirement assets into his or her own IRA account after your death. Tax laws also detail how retirement plan assets must be distributed to your beneficiaries at your passing A qualified trusts and estates lawyer can also help you deal with planning for minor children and those

Healthcare is one of the biggest expenses any person must shoulder, but especially those that are retired Whether you are just starting your career, approaching retirement, or transitioning out of the workforce For an accurate estimate based on your region, inflation, and other factors, talk with a trusted insurance not know that estate planning attorneys often work with insurance agents to provide their clients a trusted The Bottom Line Healthcare spending can easily eat up a person’s entire retirement budget.

It involves making decisions about the future of your assets, your retirement, and your legacy. Understanding these laws is key to ensuring your assets are well-protected and your retirement is secure Trusts: Privacy, Protection, and Tax Benefits Trusts are another important component of estate planning You should choose someone that you trust to fulfill this role. The executor administers your will, while the trustee manages any trusts you establish.

As you get nearer to retirement, there is more pressure to plan ahead. Kiplinger’s article, “4 Big Retirement Regrets That You Should Avoid,” says that sometimes failure is After all those years of working, it’s hard not to dream of retirement. When you retire, your amount of financial risk needs to change. retirement age (or even longer)—when they would have received bigger monthly checks.

Inflation decreases the value of your savings and will continue to do so long after you retire. How do you know how much income you will need post-retirement? There is not a one-size-fits-all approach to knowing how much you will need in retirement. Solid retirement planning makes all the difference when it comes to your purchasing power. By taking an active role in your estate plans, you will feel more empowered about retirement.