"Retirement" in the state of Florida and across the country has acquired a whole new meaning, according to financial planning experts. As many as 40 percent of all baby boomers expect to work until they die, according to recently released data from AARP. Nonetheless, whether they plan to retire officially or not, financial planning remains critically important for individuals in their golden years, particularly estate planning.
Prudent estate planning will give people more control over the dispensation of their assets once they pass away. It can also allow someone to visualize a target amount of the wealth that they control, which can assist them in making more prudent decisions in the present Finally, careful estate planning can allow a person to take advantage of many important tax benefits that may benefit the ones they love the most.
Whether they choose a life of leisure or elect to go on working in some capacity after they turn 65, other types of financial planning can also be productive for seniors. It's important to get a clear idea of how much income one can expect from Social Security and any pensions or annuities that may hold when they're tallying their retirement savings. The Social Security Administration offers an online tool that can help people project the amount of benefits they're entitled to and how they change when they delay taking them.
Financial advisors traditionally tell clients that they will need 80 percent of their pre-retirement income in order to maintain the lifestyle they're accustomed to, but of course, this number depends upon many other variables such as the amount remaining on their mortgage and health care expenses in addition to taxes, food, insurance and travel. Any review of one's finances will have an impact on their estate planning, and an attorney experienced in probate and estate administration could prove to be a valuable resource here.
Source: Forbes, "Financial Planning In Retirement", Mitch Tuchman, January 01, 2014