Tuesday, April 30, 2013

Retirement Planning

Side by side with estate planning is retirement planning.  Here are some important things to know:

1.  Outline your retirement goals.   

2.  Know key dates.  For example, there is a 7 month window for enrolling in Medicare beginning 3 months before your 65th birthday.

3.  Evaluate your medical insurance, including Medicare options, such as Medicare Part D (prescription drug), Medigap or Medicare Part C (Medicare Advantage).

4.  Think about long-term care.  

5.  Estimate costs of insurance including long-term care.

6.  Invest for both growth and rising income.

7.  Execute an Advance Health Care Directive and Power of Attorney for Health Care Decisions.  

   Dwight Edward Tompkins,
Estate Planning Lawyer.