The older we get, the more we tend to think about planning for retirement and beyond. At and after retirement certain new considerations come into play. These can include:
- Figuring out how to integrate Social Security, Medicare, and if needed, Medicaid, into a fully-featured estate plan.
- Deciding whether to consider charitable giving (see our articles on various types of charitable trusts).
- Looking at life insurance options, since term life premiums get progressively more expensive as age advances.
- Considering annuities: single-premium, joint-and-survivor, and with or without a death benefit.
- Downsizing, both is residence size and in personal property owned.
Overarching all of these considerations lurks concern over finances. “Did I save enough? Have I invested well enough? Will I ever be able to quit working? Do I even want to do so?”
And there are personal concerns. “How can I best nurture relationships with my children and grandchildren? My health is concerning me — what do I do now?”
You see, estate planning is not just about the documents and structure they form. This is why we’ve included resources such as lists of well-reviewed financial planners and advisors, tax accountants, real estate agents, and many others here. (Click the preceding word to go to that page.)