Have an appropriate level of health insurance. If you are planning to retire prior to becoming eligible for Medicare, investigate what health insurance may be available to you to help with the rising cost of medical care.
Get your legal affairs in order. A will, advance directives for health care, durable powers of attorney, and trusts are basic yet crucial documents. These ensure that your assets are distributed as you would want upon your death and that your wishes are honored regarding health and financial decisions if there comes a time when you are incapacitated. Also, be sure to review and update these documents if there are any changes to your family status.
Consider when to take Social Security benefits. Delaying Social Security will increase your monthly benefit for each year that you wait to begin taking benefits up to age 70. Also, you should calculate the amount of income in addition to Social Security that you will need to maintain your lifestyle.
Plan for the unexpected. There are a variety of financial products that can protect you and your family. For example, disability income insurance can provide a portion of your income should you suffer a disability during your working years. Long-term care insurance can provide benefits to cover services should you need ongoing care and assistance with daily activities due to an accident, a chronic illness, or a sudden medical event such as a stroke. Life insurance can provide your family with financial security should you die unexpectedly.
Learn about your pension. There are various distribution options and rules that apply to each pension and retirement savings. Be sure to understand how yours works so that you can create an accurate plan for the future.
Darol Tuttle, Attorney at Law, P.S. services clients in Washington State to include Thurston County, Pierce County, King County and Snohomish County to include cities such as Olympia, Tacoma, Gig Harbor, Federal Way, Puyallup, Sumner, Auburn, Kent, Seattle, Burien, Des Moines, Renton, Kirkland, Bellevue, Redmond, Seattle, Lynnwood, Edmonds and Everett.