Explain Why Should You Be Concerned With Retirement And Estate Planning
Why should you be concerned with retirement and estate planning?
To start with, giving definition of the two will make them to be easily be understood. Retirement planning is the accumulation of wealth to provide income and financial security in retirement. Estate planning focuses on wealth preservation and wealth transfer.
The reason with have to be concerned with retirement is because it is unavoidable but a reality of things at one time in life you will no longer have energy to keep on working. Therefore saving for retirement is very important so that you keep on living well even after work. Estate planning should be concerned because death can occur at any time, at any age and by any cause. Therefore, with an estate plan, you can,
- Provide support and financial stability for your …show more content…
It's important to have both a power of attorney and a living will.
- Distribute assets in a timely fashion, with a minimum of legal hassle.
- Minimize taxes and expenses that can go along with transferring assets.
- Provide enough cash to meet expenses and prevent the forced sale of assets.
- Avoid problems for your loved ones by ensuring that the beneficiaries named on your life insurance and retirement plans are still the people you want to benefit.
- The other thing also is that you may Protect your family's privacy with an estate plan designed to prevent your will from becoming public record.
- Estate planning will Set and meet expectations of your survivors so that they may be no confusion or misunderstanding.
How can you estimate how much you need to save for retirement?
To estimate the required saving for retirement, you need to estimate the following:-
Expenses in retirement, where you use your current expenses as a basis to project a more or less expensive lifestyle after retirement and considering adjustments in inflations that may affect the purchasing power of your
To start with, giving definition of the two will make them to be easily be understood. Retirement planning is the accumulation of wealth to provide income and financial security in retirement. Estate planning focuses on wealth preservation and wealth transfer.
The reason with have to be concerned with retirement is because it is unavoidable but a reality of things at one time in life you will no longer have energy to keep on working. Therefore saving for retirement is very important so that you keep on living well even after work. Estate planning should be concerned because death can occur at any time, at any age and by any cause. Therefore, with an estate plan, you can,
- Provide support and financial stability for your …show more content…
It's important to have both a power of attorney and a living will.
- Distribute assets in a timely fashion, with a minimum of legal hassle.
- Minimize taxes and expenses that can go along with transferring assets.
- Provide enough cash to meet expenses and prevent the forced sale of assets.
- Avoid problems for your loved ones by ensuring that the beneficiaries named on your life insurance and retirement plans are still the people you want to benefit.
- The other thing also is that you may Protect your family's privacy with an estate plan designed to prevent your will from becoming public record.
- Estate planning will Set and meet expectations of your survivors so that they may be no confusion or misunderstanding.
How can you estimate how much you need to save for retirement?
To estimate the required saving for retirement, you need to estimate the following:-
Expenses in retirement, where you use your current expenses as a basis to project a more or less expensive lifestyle after retirement and considering adjustments in inflations that may affect the purchasing power of your