What are you plans for retirement, and what type of legacy would you like to leave your heirs? These are just two of the questions that Oregon residents must ask themselves as they approach retirement and estate planning. It’s never too early to plan for these things — and that is especially true if you are involved in business or civil organizations such that your legal obligations might extend to retirement.
One of the first things to ask yourself as you consider these questions early in life is how much money you will need to live during retirement. The answer ranges widely depending on your needs and desires. What type of lifestyle do you intend to live? Will you still have financial or legal obligations to handle after you retire? Do you plan to travel, or do you anticipate medical issues and expenses that might be above average?
Taking time to understand the answers to these questions helps you make use of professional advice and calculators to determine how much money you need to save for retirement. Once you understand that amount, you’ll also be able to understand how much you need to save if you want to live a full retirement but have something left over for your heirs.
Estate planning understands that life is not set in stone, though. Working with a legal professional on your estate and future plans helps you create documents that can evolve with you. You need to plan so that, if you passed away sooner, your family and business would be handled as you desire. At the same time, you don’t want to sell yourself short.
Working with a firm that understands all the legal and personal needs related to estate planning helps you cover all the bases. It’s not a fun topic, but planning for retirement and beyond now lets you live out your remaining years with greater peace of mind.
Source: AARP, “How Much Money Will You Need to Retire?,” Carolyn O’Hara, accessed Feb. 26, 2016