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October 09, 2018

Do you have Retirement Concerns?

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Posted in Wisconsin Workers Compensation Related News

Social Security Disability Lawyer

Retirement should be relaxing. You’ve worked hard your entire life and retirement is the point where it’s time to slow down and enjoy. But that doesn’t mean retirement is without its own stresses and concerns.

Today in the US, debt is rising and benefits are shrinking. Cost of living is increasing and wages aren’t keeping up. Now is as good of a time as any to begin planning for your retirement.

How do I pay for health care?

As we age, our bodies aren’t what they used to be. Some of us may need more medical care than others. And we all know medical care isn’t cheap.

Medicaid may cover some of your medical costs but it probably won’t cover everything. Unexpected medical costs can quickly throw your plans out of whack.

How do I keep a steady stream of income during retirement?

Social security is a baseline of what people need to survive. But you don’t want to just survive retirement – you want to enjoy retirement. This will require you to have some other form of income:

  • Investment interest
  • Stock dividends
  • Business ownership

There are many ways you create income while in retirement but you must start planning before you get to retirement. Trusted estate planning attorneys have the knowledge and skill required to assist you in planning for your retirement.

Will I be able to save enough money?

That’s entirely up to you and the way you live. The one thing we can tell you is that if you wait until you’re ready to retire to ask yourself this question, you won’t have enough.

Cost of living is increasing and we’re living longer than before. If you don’t put a plan in place today, you could end up having to work through retirement or work longer than you expected, retiring later in life.

Don’t worry about your heirs

You may not like to hear it but if you want to enjoy your retirement and you’re already in or nearing retirement, you may need to use your savings to enjoy your retirement. And that’s okay. You’ve worked hard for the money and you should be able to use it exactly how you want.

What do I do with my debt?

Get rid of it as quickly as you can. Having debt will only delay your retirement and your saving for retirement. If you’re in debt, you could use the assistance of estate planning attorneys. Together, we can create a debt reduction plan for you so you can start saving and enter your retirement without any worry.

Contact trusted estate planning attorneys today

It’s never too early to start planning your estate and retirement. The sooner an estate planning lawyer Abingdon, VA trusts begins working with you, the sooner you can begin to relax and let your worries go knowing that your retirement is secure and waiting for you when you’re ready.

Thank you to our friends and contributors from The Law Offices of Mark T. Hurt for their insight into estate planning and retirement.

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