Estate planning often goes hand-in-hand with retirement planning because it’s all about planning for the future. I often hear the same type of concerns from people who are determining how to effectively estate plan along with take care of themselves in retirement. Retirement can cause anxiousness as you are wondering if you will be able to cover healthcare, debts, and general cost of living expenses. Let’s look at some common concerns related to retirement and estate planning.
Common Concerns Related to Retirement in Wheat Ridge and Arvada
In Wheat Ridge, Arvada and across Jefferson County, people tend to have the same concerns when thinking about retirement. Some of those concerns include:
- Healthcare: People often worry they will be able to get healthcare that is both affordable and provides quality care. We all know as we age, health care issues tend to become more prevalent and you don’t want one major medical procedure to throw you into a financial spiral.
- Income: Obviously when you retire, your source of income will look different. Whether you are pulling from a retirement account or planning to rely on social security, it can be stressful not knowing if you will be getting enough to cover all your basic expenses and needs.
- Debt: It’s not uncommon to carry some debt into retirement, and if you fear that you might not have enough to cover basic expenses, then how can you expect to continue to pay down your debt?
- Inheritance: Some worry that they will have to spend everything that would be left behind for loved ones to keep themselves afloat.
Planning for the Future through Estate Planning in Jefferson County
Regardless of what your financial situation currently looks like or how it will change post retirement, you should have a plan in place for your assets. Retirement is all about relaxing and enjoying life without the pressures of work. Having your will, power of attorney, and medical directives in place will allow you to relax, knowing that everything is taken care of and won’t be an added stress on your family.