What’s Your Plan for Retirement?

It’s only when their birthday cake is covered with 50 candles, that most people start thinking  retirement has moved from an idea to a reality, says The New York Times in the article, “Countdown to Retirement: A Five-Year Plan.” Suddenly those ads about annuities and Medicare Part B are a lot more interesting. Even the AARP mailings, are deemed important enough to read.

Retirement is now too close for comfort. Do you have enough money saved? Is your portfolio invested properly, or is it too aggressive? Is it not aggressive enough? What about that long-term care insurance plan you’ve been meaning to buy? Do you have a will? 

This sudden awakening usually hits about five years before retirement.  It is not a bad thing. In the next five years, you can take important steps that will enhance your retirement life significantly.  However, you don’t have to make all of these decisions right now. Spread the work out over a few years and do it at a comfortable pace. Just make sure that you do it.

Here’s some key points for planning your retirement:

Take an honest inventory of your finances. How much have you saved, what are you expecting from Social Security and do you have any other retirement income? Will it be enough?

Where do you want to live during your retirement? Start researching communities right now, if a move during retirement is in your future. There are an enormous number of choices. Do you want to live in a CCRC—continuing care retirement community—where you start out in a townhouse or apartment and then move to assisted living or hospice, as your needs change?

Do you have a long-term care insurance policy? If you or your spouse were to become ill and require long-term care, do you have enough assets to pay for it, while enjoying the rest of your own retirement? If not, you need an LTC policy. They are expensive, but so is the cost of nursing care.

How do you want to spend your time? Many people enjoy the first two weeks of retirement.  However, the reality of not working then hits and they don’t know what to do with themselves. Consider what brings you joy and fulfillment. You’ll have many options: volunteering, going back to school, working part time or maybe even traveling to visit family and friends. These are all possibilities.

Advanced planning for the many different aspects of retirement increases your likelihood of enjoying this next stage of your life. 

Reference: The New York Times (July 6, 2018) “Countdown to Retirement: A Five-Year Plan”

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