Retirement allows you to reap the rewards of your career and life achievements.
It’s a time to relax and enjoy what life has to offer without worrying about the little things. Legally, retirement is a time where you need to manage your affairs, assets, and tie up loose ends. Before you head to the golf course or relax at the pool, it’s a wise move to finalize your legal affairs if you haven’t done so. The initial step is learning what needs to be completed.
Plan Your Estate
Once you establish assets or a family, your estate becomes more than just a testament to your successes—it’s a way to protect and continue your legacy. Hire an estate attorney to help establish your heirs and draft a will, trust, or testament. Spouses, children, or relatives are common choices, but there is no wrong choice as long as you’ve thought it through. Who will inherit your properties, finances, and other assets when you pass?
Establish Healthcare Directives
At retirement age, bodies have gone through significant wear and tear. Health conditions may appear quickly in the later years, such as dementia or cancer. If anything should happen to you where you are unable to communicate in a medical setting, who will decide for you? What procedures would you want to occur? Healthcare directives are legally binding decisions, also known as a living will or advance directives, that can determine what happens in these circumstances. It’s a great idea to establish a living will if you’re concerned about these matters.
Designate Power of Attorney
Similar to healthcare directives, if any important decision needs to be made in terms of your business or private affairs, and you are otherwise incapacitated to make those decisions, someone will need to do it for you. This is called a power of attorney. You can choose anyone to have a power of attorney in those cases, but it should be someone you trust to make the best decisions for you or your business.
Know Senior Community Rights
If you plan on retiring in a senior community or assisted living home, you will want to know your rights. You have the right to quality care, respect, finances, and participation in your healthcare plan. If any community you’re considering is lax in these categories, you’ll want to relocate or contact an attorney. Nursing home abuse is prevalent in many cities and states. Before choosing any retirement community, you will want to research reviews, company history, and legal concerns.
Receive Social Security
Social security is retirement funding provided by the government that you pay into during your tax-paying career. As soon as you turn a certain retirement age, you can start receiving social security payments to help fund your retirement years. You can receive benefits as early as age 62, but most will qualify for funding at age 66 or 67, depending on your birth year. You have a right to receive the social security funding you paid into; if you experience any issues, you’ll want to hire a social security attorney.
Hire an Attorney
Attorneys aren’t just people you hire when you’ve committed a crime. They can provide a lot of legal services throughout your career and life, from divorce to business partnerships. An attorney can help walk you through every document and procedure you need to make sure your affairs are sorted, retirement is secure, and your beneficiaries are protected. Attorneys can even help you fight insurance claim denials.
Utilize Retirement Plans
Retirement age is when you can finally cash in on your 401(k), Roth IRA, or other retirement fund you paid into during your career. You can be penalized financially for cashing out a retirement plan early, so you want to be careful when you tap into your funds. Tax and funding policies will vary depending on the plan, so make sure you fully understand your plan’s rules and regulations before cashing out. If possible, you should be maxing out on your contributions, so that you can enjoy the full benefits later. A major curiosity surrounding these accounts is how much you can put in a Roth IRA. If possible, you should be maxing out your contributions, allowing you to enjoy the full benefits later.
Consider a Retirement Trust
If you’re concerned about the handling of your retirement funds should something occur, you can establish a retirement trust to receive your benefits. This person will receive your benefits on your behalf if you are unable to. Legal waters can be tricky when it comes to receiving retirement funds; a retirement trust is a clear directive on navigating those waters.
Conclusion
Before, during, and after retirement, it’s crucial to protect your legacy and ensure you’ve tied up loose ends. You will want to plan your estate, including creating a will or trust to determine what will happen to your property, business, and any assets or affairs you may have. As you get older, you may experience medical conditions that can limit your ability to make decisions. Assigning power of attorney, medical directives, and a living will can help you manage decision-making when it comes to your affairs. You will want to make sure you’re receiving your retirement funds, including social security and any other plans you’ve been paying into. Hiring an attorney can help you navigate the legal landscape of your golden years.