A good asset protection plan is not only necessary for funding your retirement; it is also vital for ensuring that you can continue to have a suitable income once you’ve retired. Here are five common mistakes retirees make that you should avoid:
Overgifting. Many retirees tend to overgift to children, grandchildren or other relatives without regard on how those gifts will affect their own finances. To ensure the sustainability of your retirement portfolio, gift wisely.
Not Downsizing. It is not uncommon for retirees to have a more emotional attachment to their home than is economically practical. While moving to a smaller home doesn’t make financial sense for everyone, it should be a consideration.
Not Timing Social Security Benefits. Giving careful consideration to when to take Social Security benefits – both yours and your spouse’s – is something all retirees should do to improve the sustainability of their investment portfolio. Deferring benefits for just a few years can add hundreds of dollars per month to your future benefits.
Neglecting Estate Planning. Estate planning is so much more than tax avoidance, and is necessary for individuals of all income levels.
Not Planning for Long-Term Care. Financing long-term care needs can quickly eat away at your retirement nest egg. You can avoid this by considering long-term care insurance and other financial vehicles to fund any long-term care needs that may arise.
Our experienced and trusted estate planning attorneys have been serving Treasure Coast families for decades, and Michael Fowler is one of only four Treasure Coast attorneys who is Board Certified by the Florida Bar in Elder Law. Contact us for your initial consultation at one of our conveniently located offices in Fort Pierce, Stuart, Port St. Lucie, Vero Beach, and Okeechobee.