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Spend Your Twilight Years in Comfort By Considering These 5 Things

Date : Apr 12,2014
By : Meghan Belnap

As you approach your “twilight years,” it is important to ensure that you are prepared for retirement. The last years of your life should be ones that bring you joy, relaxation and comfort around your family members and friends. You can prepare to enjoy a great retirement by taking these five tips into consideration.

Ensure that you have named beneficiaries on a life insurance policy.

Make sure that you have specifically named beneficiaries on your life insurance policy. Failing to do this may subject life insurance benefits to the claims of creditors. Having named beneficiaries also ensures that benefits are disbursed to the right people.

Hire an estate planning lawyer to organize and execute your estate upon your death.

If you do not appoint someone to serve as the administrator of your estate, then your estate may enter into the probate court. The probate court may charge a fee for handling your estate and may also appoint an administrator. You can avoid probate court by working with an estate planning lawyer as they can help you get your estate in order for when you pass on.

Open a 401(k) to save for your retirement years.

If you haven’t started a 401(k) before now then you may be out of luck with this as it is essential that you are prepared to handle your expenses during retirement. By having a substantial 401(k), you can ensure that you have the savings that you need to survive during your retirement years. Get started on saving for this earlier to make sure that your retirement is comfortable one.

Work with an estate planning lawyer to learn whether the use of trusts may benefit your estate.

An estate planning lawyer can also help you understand whether trust instruments may benefit your estate. A trust may protect certain assets from the claims of creditors. An estate planning lawyer can also assist you in taking advantage of tax credits and deductions. If you are an individual with a high net-worth, you should consider how a tax deduction may help you to maximize the value of your estate. Giving gifts to your children may also reduce your tax liability in your later years of life.

Take care of debts before your death.

Ultimately, you should try to pay off any extenuating credit card debts and loans in your last years. If you fail to pay these debts, then creditors may try to file claims on your estate. This could decrease the total inheritance that your children and other beneficiaries receive and can be a real burden for them.

By remembering these five tips, you can enjoy a relaxing and peaceful retirement. Money concerns should not stress you out during your precious last years and if they are you may want to consider some independent living to help alleviate some of the costs of living. Following these suggestions will help you feel prepared to fully make the most out of your twilight years.