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Enjoying Your Retirement

Most people in the workforce look forward to the day they can pack up their office and close the door for the last time. Retirement is a wonderful time in a person’s life if planned well. But if not planned for, retirement can lead to financial frustration, legal confusion, and a return to working. Rather than risking that, take time to plan ahead for your retirement.

1). Review your portfolio. As you approach retirement, spend time reviewing where you have money invested and what investments are (or are not) yielding returns. With an unstable market, it might be wise to relocate some assets. Also look into rolling over any 401k accounts into a single IRA account, consolidating any taxable accounts. Limiting your portfolio to only a couple accounts helps you better manage them.

2). Establish income. Once retired, you can no longer rely on a monthly paycheck to fund your lifestyle. Monies will be coming from investments, pension payments, or social security checks. Establish an income stream. In example, deposit all investments into a savings account while keeping monthly checks in an easily accessible account from which you can pay bills.

Keep an eye on how much cash you have available to withdrawal from your investment funds. While you may have more than enough in the fund, sufficient cash may not be available for withdrawal, leaving you with an “insufficient balance” when seeking to use your cash.

3). Plan for your estate. Too many retirees put off estate planning until they are too old or medically incapable of making wise planning decisions. Before you begin enjoying your retirement, take time to sit down with an estate lawyer and create an estate plan. Designate beneficiaries, create a living will/trust, decide if you want to gift your assets before you die or leave it for inheritance, and establish a power of attorney.

Your retirement is time for you (and your spouse) to enjoy free time together. Don’t get stuck worrying about financial and legal issues. Before you begin your prolonged vacation, set your affairs in order and ensure that you will be able to enjoy the years to come.

If you would like more information concerning retirement and estate planning, visit www.EstatePlanningSpecialists.comtoday. is a comprehensive online resource for retirement, estate planning and related issues. As Board Certified Specialists in Estate Planning, Trusts and Probate as certified by the State Bar of California Board of Legal Specialization, Mark E. Thompson and Kevin L. Von Tungeln are expertly equipped to serve clients with the creative, effective and custom solutions they demand.