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Thinking Of Retirement? Don’t Make These Mistakes.

By David S. DeRose

~ No Current Will ~

Your will expresses your intent at the time of your death. Whom have you designated to receive your property? Whom have you selected to administer your affairs? Sometimes wills are made when people are just starting their families, and they are now inadequate and out of date. Take the time now to review your old will with one of our attorneys, and make necessary changes to properly protect your loved ones.

~ Outdated/Missing Beneficiary Designations ~

Check life insurance policies, IRA accounts, pension funds, annuities and any other type of investment for which you have a beneficiary designated or for which you may designate a beneficiary. Again, as with a will, beneficiary designations made years ago may be outdated. It is important to understand the benefits of passing certain types of assets directly to beneficiaries, which avoids probate for those assets and can have a positive tax effect for your family and your heirs.

~ “All Your Eggs In One Basket” ~

Review your investment portfolio to ensure that it is diversified. Over the years, because you might work for a particular corporation or have an interest in a particular business or company, your investments can become top heavy in one particular stock holding. This may be too risky going into the retirement years, particularly in light of recent economic turmoil. You should consult with a financial analyst to spread out the risk and keep your assets properly working for you long into your retirement years.

~ Inadequate Insurance ~

Automobile and homeowner’s insurance policies should be reviewed by an insurance professional to make certain that your policy limits are adequate to protect your resources. It is sometimes advantageous to consider “umbrella” protection. This coverage provides greater liability coverage in the event of a serious accident or injury caused by you or occurring on your property.

~ Inadequate Health Or Long-Term Care Insurance ~

Longer life spans and the rising cost of health care can create a financial crisis. It is important to examine both health insurance programs which supplement Medicare and long-term care insurance. Long-term care insurance comes in many forms and is available to help pay for nursing home services, in-home medical care and/or assisted living care. Consult with an insurance professional to explore the available options to help pay for your care and preserve your assets for your heirs.

~ No Overall Planning ~

While checking your beneficiary designations on your life insurance, retirement funds, annuities, etc., and reviewing your will and other legal documents, it is important to put a comprehensive plan in place. This not only ensures your ability to meet your needs on a day-to-day basis during retirement, but also looks to maximize benefits to your heirs at the time of your death.

The Lifetime Legal Care program of QuatriniRafferty, is designed specifically to help you through these many issues. Give us a call at 724-837-0080 to discuss your particular situation.