Enjoying Your Retirement to the Fullest

Retirement can be a fulfilling period of life but also a stressful one, if you haven’t planned ahead. Regardless of when you are aiming to retire, here are five important tips to keep in mind.

You’ve worked and saved for decades, and at last, retirement has arrived. Just like other milestone events, like having a baby or launching a business, there are many surprises along the way. The way to make the most of your retirement, says The Motley Fool, is described in the article “5 Retirement Tips for 2019—and Beyond.”

For starters, don’t center your retirement finances on Social Security. Many workers can’t or don’t set aside enough funds for their retirement. They think that they’ll be able to rely on Social Security. Doing so will put a tight crimp on your retirement lifestyle. Social Security’s average yearly benefit for most Americans is $17,532. If you can live on that, wonderful, but most people can’t. The program was designed to replace 40% of most people’s income, and most seniors need more than double that amount to live, as they did during their working years. Focus on retirement savings throughout your career.

Most retirement income is taxable. The things you paid taxes on while you were working, are still taxable when you retire. If you’re used to receiving deductions on a paycheck, having to pay quarterly taxes may be a bit of a surprise. You will need to pay taxes on IRA or 401(k) withdrawals, unless your retirement savings are all in Roth accounts. Gains from investments held in non-retirement accounts are also subject to taxes. If you can convert your IRAs or 401(k)s into Roth’s, you’ll pay taxes when you do the conversion, but not on the withdrawals.

Try to retire with friends and family. The sad truth is, retirees are 40% more likely to become depressed than working people. If that doesn’t make sense to you, consider the social aspects of your working life. Having too much time on your hands can lead to boredom and restlessness. You want to make sure that you have friends or family members who are also retired to socialize with. If no one else in your circle is ready or willing to retire, what will you do every day after the initial two-month retirement honeymoon?

Keep an open mind about returning to work. No matter how well you’ve saved, life happens. Your home may need a major repair, or you or a spouse might experience a health crisis. It’s a good idea to have a plan to be able to return to work, either on a consulting basis to a prior employer, working part time or even starting a business on your own.

Don’t skimp on the important details, like preparing your estate plan. If you created an estate plan years ago, now is the time to review it to make sure it still works for your retirement life. If you’ve never had a will prepared, call a qualified estate planning attorney and get it done. You’ll also need a power of attorney and a health care proxy, so that your family and your spouse are protected in the event of anything unexpected happening to you.

Finally, ask yourself what you want to do with the next ten or twenty years of your life. Retirement can be a fulfilling and enjoyable experience, especially if you are pursuing your dreams. That might be going fishing every day, writing a novel or dedicating yourself to grandchildren or the community. Embrace it!

Reference: The Motley Fool (June 2, 2019) “5 Retirement Tips for 2019—and Beyond”

Hear From Our Clients

“On the threshold of retirement, we finally decided to quit thinking we could self-prepare the requisite documents. We had previously had only a very simple will. We needed the necessary legal (including updated will) & health care docs but didn’t want to deal with the time & complication of legalese. Cindy made the process relatively painless. She took the time to explain and answer questions without trying to upsell services. We were done in 2 meetings plus the reading of emailed drafts. In addition to preparing the documents, Nelson Eldercare will be there when our adult children need advice on executing the plans we’ve put in place.So glad it’s behind us and would recommend Cindy and her helpful staff.”

- Bonnie

Cindy and her company treat their clients like family. Nelson’s offers clear, direct, and honest guidance in planning for your families security and future. No one wants to actively sit down and make these decisions, but Nelson’s makes this process seamless. I was so impressed with their willingness to answer all questions big or small. So glad I made the decision have them help my mom and dad and now me. You can’t go wrong with Nelson’s Elder Care Law.

- Hope

The very best elder law attorney and staff anyone could ever ask for! I have referred a number of clients to Cindy and she never disappoints. She is kind, caring, and extremely thorough in making sure everything is completed as it should be. I highly recommend Cindy for anyone needing lawyer services; she truly goes above and beyond for every client she helps and has had a huge impact in so many peoples’ lives. Thank you, Cindy and staff, for everything that you do- I’m so glad to know you!

- Kerri

I heard Cindy’s presentation at a Senior Luncheon at my church, and was very impressed. She helped my daughter and me understand many aspects of elder law. Josh has also been very helpful in my planning to enter an independent living situation . I have told many friends about them.

- Charlotte

Cindy and the Nelson Elder Care Law team are trustworthy and helpful. They are the experts in elder care law. At Leaf Cremation, we entrust our families to the care of the Nelson team when their services are needed.

- Pierce