Research and polls highlight the fact that the large majority of people enter into retirement wishing that they had known a lot more than they do. Retirement planning and estate planning fall into the category of things that people tend to put off for as long as possible. While no one can predict exactly what the future will hold, considering things like wills, trusts, and estate planning will serve as a critical protection for you and your loved ones. After working for decades, people want the security of a retirement plan that will take care of them, leaving them stress-free and able to enjoy their golden years.
As baby boomers continue to retire in massive numbers, there is a common general feedback that they all wish they had known more years ago when they began planning. Being surprised when it finally comes time to retire is something no one wants to deal with. The following are the top things people wish they knew before retirement:
- Learn the ins and outs of Social Security, be sure you are maximizing your benefits
- Understand how hard it is to re-enter the workforce after you have retired
- Do extensive research on the location you plan to retire in, taking into account things like state taxes and inheritance taxes
- Get to know the difference between retirement income and working income…before you actually retire
- Be wary of home improvement costs that can greatly impact your assets
- Understand that a lot of your healthcare expenses will need to be paid out of pocket
- Medicare does not usually cover long-term care
- Inflation seriously influences retirement spending
- Consider retirement planning beyond financials, make a plan for hobbies, travel, etc.
Being cognizant about what may arise upon your retirement is essential to proper planning. While many people believe they have planned thoroughly, there are inevitably things that fall through the cracks. The Law Office of Brenda Murzyn, P.C. provides sophisticated and personal estate planning and probate services to all clients, regardless of the size of their holdings. Our experienced staff are committed to providing the individualized services and timely response and follow-up that are essential to meeting each client’s personal needs.