Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

Saturday, July 22, 2017

Near Retirement? 5 Plans You MUST Have in Place

Retirementincome_300x240As retirement draws near, it becomes more important for individuals to carefully consider their financial plans in order to assure a smooth transition into their post-employment years. The foremost step in this process is to make sure you have a stable income plan so that you will not run out of money in retirement. Next, have a protection plan in place. Long-term care costs or sudden illnesses can decimate retirement goals. Also, institute a growth plan. While in or near retirement, most planners suggest shifting portfolio assets to focus more on protecting, rather than growing, accumulated wealth. Once you have your needs accounted for though, a prudent retiree might benefit from setting aside a certain portion of income to work as a hedge against inflation. Having a solid tax plan is another important step to ensuring a successful retirement. Without appropriate strategies in place, taxes can continually diminish investments and retirement savings. Finally, make sure you have an estate plan. If you want loved ones and friends to be taken care of after death, it is vital that your desires are properly documented.

See Chris Harlow, Near Retirement? 5 Plans You MUST Have in Place, Kiplinger, May 2017.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.


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Gerry, thank you for posting a great article on preparing for retirement. Investing in retirement is critical. Unfortunately, most people don't begin thinking about retirement until it starts creeping up on a person. The same stands true for estate planning. As an Arizona estate planning attorney, I find that most of my clients are already approaching retirement. https://arizonaestateplanningattorneys.com/

Posted by: Chris Hildebrand | Jul 23, 2017 11:58:32 AM

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