5 Must-Take Steps You May Have Avoided to Prepare for Retirement
You’re almost there!
You’ve been preparing for retirement for a while now, and the day is on the horizon. From here, it looks exciting. But have you remembered all the details?
There’s more to preparing for retirement than making sure you have enough money to get by (though that’s a big one) and downsizing your belongings. Chances are you might have missed a few things by avoiding these simple steps:
Power-of-Attorney
No one likes to think they might reach a point where they can’t handle their own finances anymore, but in truth, it generally happens to everyone sooner or later. The key is to make sure whoever starts writing the checks, is trustworthy. This is why you don’t want to leave this detail for the last minute. Figure out someone who doesn’t mind managing things and can juggle multiple responsibilities. This might be a relative, and it might not. Pro tip? If you’re choosing your spouse, be sure to add in a secondary in case you outlive them.
Medical Proxy
Like power-of-attorney, your medical proxy makes decisions for you, this time of a medical nature. Don’t make the mistake of thinking just because you have a power-of-attorney set up that they can make decisions regarding your healthcare. These are two separate things! Again, you should never put off this particular task as you never know when you might need it, so be sure to make this a priority. Also, you’re going to want a secondary on this document as well, if you’re using your spouse.
Long-term Care
Speaking of medical things, have you figured out what you’d like to do in regards to long-term care? This is something to explore now, while you’re able. You’re also going to want to let your medical proxy know these plans. Have you considered how to pay for this? There are several options, such as Medicaid or even special insurance plans to help with this.
Living Will
Again, this is something to discuss with your medical proxy, as this document lets others know what you want in life-threatening situations. This is truly something you want to set up, as it clearly states what your wishes are regarding treatment in these situations.
Your Will
Have you determined how you want your assets distributed on death? Who do you want to manage this? You’ll need to appoint an executor to hand these details.
No one likes doing any of these things, but you’ll feel so much better when you do. After all, then there’s nothing to worry about except the enjoyment of your actual retirement. Why not give yourself the gift of peace of mind as you step into this next phase of your life?
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