Burns Estate Planning: Retiring in 2024? Things to do now.

MOBILE, Ala. (WALA) - Chris Burns from Burns Estate Planning joins for our Gulf Coast Spotlight with a look at what to do if you’re retiring in the very near future.

The following is a list of questions and answers sent to us from Burns Estate Planning:

As we make our way into 2024, some viewers at home may be considering that by the end of this year they will want to enter the next big chapter of their lives: retirement. What advice would you have for those considering retirement in 2024?

Well first of all, congratulations! You work your whole life to reach this point, and when you decide it’s finally time, it can be truly rewarding. But of course, there are things you need to do to ensure your retirement is exactly how you want it to be.

So what are these important “to do’s” someone would need to consider ahead of time?

First, you need to review your financial plan. A good retirement starts with a good plan. Sitting down with a financial advisor is a great first step to determine where your plan is at, as they can help you assess what you will earn with social security, costs of medicare, potential investment returns, and so so much more.

What else should someone need to consider before retirement?

With reviewing your financial plan, it is important to take in consideration the potential impact of inflation. As we’ve seen over the past couple years, inflation can pick up at unexpected times and can grind down your purchasing power over time. It is important to have some growth assets in your portfolio.

That makes sense! Are there other factors besides finances?

Absolutely! You will need to consider your healthcare plan in retirement and what works for you. This is another benefit a financial advisor may be able to help you navigate.

Very good point! Is there anything else someone should consider before retirement?

There are so many important things to consider in retirement, but a huge item many tend to put off is their estate planning. Whether it’s a will or trust it is important to review or create an estate plan. At the end of the day, time is not slowing down and this is something that you don’t want to have to deal with when a potential issue arises down the road. Lastly, start to think of what you want your life to look like in retirement. Maybe that means starting a new passion, traveling, or seeing your grandchildren more often. Whatever it is, you want a plan in place to ensure the best outcome for you and your family.

Burns Estate Planning

https://burnsestateplanning.com/

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