So here you are about to retire or perhaps newly retired and find yourself in the middle of a global pandemic…didn’t see that coming! In observation of Older Americans Month and in light of our strange new existence, we think it’s appropriate to discuss your financial planning, including the well-laid plans you have made for your retirement and beyond. This is the perfect time to have a check-in with your financial planner, insurance professional and estate planner to discuss the following topics.


1. Review Your Account and Estate Plans

This is a good time to meet with your financial planner and your estate attorney to review your estate plan and financial accounts. Confirm beneficiaries and contingent beneficiaries. Review your withdrawal rates to ensure accounts perform appropriately. Update your wills, trust and power of attorney every 5 years.


2. Long Term Care

There are new options which you should review with your insurance professional or financial planner. Traditional long term policies have been experiencing increasing premiums at alarming rates. Please review the history of rate increases with your insurance broker. There is a new option offered by insurance companies, hybrid life insurance and long-term care policies. You can use a portion of the death benefit for long term care. Premiums do not increase and if you do not need long term care, the death benefit will be paid to your beneficiaries. Learn more about Long Term Care planning in this blog.


3. Estate Planning

Review your estate plan with your estate attorney and financial planner. Introduce your financial planner to your beneficiaries so when the time comes, they will already be acquainted and make the process much easier.


4. Charitable Remainder Trust

If charity is an option as a beneficiary of your estate plan. Consult with your attorney about a Charitable Remainder Trust. This trust is irrevocable as the beneficiary cannot be changed by you. The advantage is that up to 5% of income can be taken tax free from the trust under current tax law. Please speak with your attorney and financial planner to discuss in more detail.


5. Life Planning

Have your beneficiaries meet with you and your insurance professional and financial planner to allow for smooth transition after death.


If you need clarification on any of the aforementioned or just simply have a question book a 15 minute call with us.