Retiring early may be something that’s on the horizon for you, but you should and probably do still have questions about whether or not it is time to take the leap. Many people have planned for their retirement over the course of their entire working lives, but there are still plenty of questions that remain as you get closer to this age.
If you’re thinking early retirement is an option for you, it’s a great opportunity to visit with both your estate planner and your financial planner to discuss your overall financial picture.
You may need to plan for many years in retirement, especially if you leave the workforce earlier than intended. Revisiting these plans and making sure you have enough assets set aside to support yourself as well as to achieve any estate planning goals is valuable. Here are some questions to ask yourself as you move closer towards setting an early retirement date:
- Do you have any dependents who still rely on you for financial support, such as children going through college or graduate school?
- Have you created a long term care plan to help pay for medical expenses in a nursing home or assisted living facility if you are unable to care for yourself?
- Have you paid down any bank, business, credit card or mortgage loans? Make sure that there are no ongoing interest costs that could deplete your nest eggs.
- Have all of your legal documents been created? You want to have powers of attorney, health care directives and a will at a minimum, although you may leverage other estate planning strategies.
- Do you know how you’ll spend your time? Whether it’s a part time job or a new hobby you’ve been waiting to dive into, having a plan for what you’ll do in retirement can make this transition much easier.
If you have questions about your financial future and what it would look like based on the various ages you take your retirement, meet with a qualified professional.
Need to talk about options for your California estate plan? Contact our Pasadena office today.