Four Things You Need to Know for Your Retirement Planning To-Do List

As you approach retirement age, there are many different considerations you need to keep in the back of your mind in order to plan effectively for the future. These five things should never be overlooked in your retirement to-do list process.

Know the Withdrawal Rules

One you reach age 70 and a half you may be responsible for taking out money from a 401(K) and a traditional IRA.

Be Aware of the Costs of Your Retirement Lifestyle

Do you hope to stay at home pursuing hobbies or do you intend to travel the world? These will all influence the price tag of your retirement lifestyle.

Be Aware of your planned Retirement Age

You might have considered your retirement age decades ago but it may be time to adjust it to your overall financial situation.

Take a Look at Healthcare Situations

When you turn 65 you’ll become eligible for Medicare, but this does not guarantee to pay for any significant portion of long term care costs. You need an annual healthcare budget and may need to incorporate long term healthcare insurance, too.

Consider Your Estate Plans

Estate planning may involve numerous documents like a power of attorney, a will or a trust. Working directly with a knowledgeable estate planning lawyer in Virginia can be beneficial in all of these situations.