Though it is nice to enjoy what you do and do it well as you travel down your career path, after a couple of decades many people start to see retirement as the pot of gold at the end of the rainbow. Though crafting a successful career is extremely satisfying it generally consumes a significant percentage of your time. So there are invariably a number of things left on your to-do list by the time you are ready to put your working years behind you.
Making sure that you have the financial resources to do all these things comfortably is what retirement planning is all about. It is wise to get started early so you have plenty of time to reach your objectives, and while you do this it can be hard to relate in any direct way to what could be described as your twilight years, that interim that sits between your active retirement and the end of your life. It can be even harder to wrap your head around the concept of passing away, so arranging for the distribution of your assets to your loved ones in a very specific manner can seem like something that is not immediately relevant or necessary.
The fact is that planning for those twilight years and possible long-term care expenses is something that you should consider when you are planning for your retirement. In addition, you may have specific things that you would like to be able to do for your children and grandchildren via the distribution of your legacy after your passing. Unless you’re fortunate enough to have virtually unlimited resources, is important to keep these goals in mind when you’re making retirement plans so that you can budget accordingly.
People are living longer than ever before, with those age 85 and older representing the fastest-growing portion of the population. When you’re planning for the future it is important to keep the big picture in mind and recognize that you may need to stretch your resources for a number of years past the healthy and active portion of your retirement.
Latest posts by Saul Kobrick (see all)
- When Should I Start Accepting Social Security Retirement Benefits? - August 22, 2019
- Who Administers an Estate If There Is No Will? - July 30, 2019
- What Documents Are Needed for Estate Planning? - July 16, 2019