Good financial and estate planning is key for allowing you to implement successful financial planning strategies all throughout your life. Knowing what you might anticipate in the future can help you adjust your plans to be as capable as possible of adapting as needed or adjusting to risk.
Work with a Financial Planner
A financial planner can help you figure out your unique financial perspective, concerns and goals. This will help you to develop a plan that is aligned with those individual intentions. A financial planner can also help you spot gaps in your financial planning strategy and update them as needed.
Create Estate Planning Documents
Many people assume that estate planning is only for the wealthy or older people in retirement. This is not true as incapacity or disability could impact you at any time and you want to have these documents in place so that your loved ones understand your wishes and are able to take action quickly.
Consider Tax Withdrawal Strategies
Retirement planning is not just about the amount you’ll have in savings but it also includes careful considerations of your withdrawal strategy and how this could affect you in terms of income taxes. The support of a financial professional or another expert like an accountant can be instrumental here.
Think About Long Term Care
Women tend to have longer life spans than men which can mean stretching their retirement planning further. The cost of just one long term care event that lands you in a nursing home can be catastrophic for you financially, if you have not scheduled a consultation with a long term care planning lawyer to talk through your options.
If you need more support, set aside time for a phone call with a Michigan estate planning attorney.