Retirement and Estate Planning Tips for Empty Nesters
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As your kids leave home, it’s important for you to prioritize your estate and retirement.

Now that your children are out of the house and more financially independent, it’s time to refocus on your estate and retirement plan. This is a time to maximize your retirement contributions in order to provide a more comfortable financial lifestyle a few years down the road. It’s also a time to review your estate plan to take into account changing family dynamics. James Ruzic, Senior Vice President and Wealth Advisor with Regions Private Wealth Management in Birmingham, Alabama, shares these six retirement and estate planning tips:

  1. Take Care of Your Financial Affairs
    The sooner you have your financial affairs in order, the sooner you will be able to retire. Work to pay off your mortgage, make sure the beneficiaries on your 401(k) and IRA accounts are up to date, and take stock in the assets you own.
  2. Look Into Long-Term Care Insurance
    There may come a time in the future where you can no longer take care of yourself. If you’re worried you won’t have the funds to pay for that kind of care, long-term care insurance may be necessary.
  3. Review Options for Social Security
    When you are close to retiring, you must decide at what age to begin collecting Social Security benefits. Compare what your benefit amount would be if you begin drawing sooner versus later. Then, assess your financial situation and lifestyle to determine if it would make more financial sense to wait to begin drawing Social Security.
  4. Check on Your Pension Eligibility
    You may be eligible for more retirement money than you think. Contact your former employers to see if they owe you any retirement benefits via a pension plan.
  5. Designate a Power of Attorney
    If an illness or accident prevents you from making important decisions in the future, the person to whom you have given power of attorney can step in and take care of the legal and financial matters that may be handled pursuant to the power of attorney.
  6. Determine Whether Gifting to Children or Grandchildren Is an Option
    If you are in a good financial situation, you may consider giving money to your children or grandchildren while you are still alive. Under current tax laws, you may give individuals up to $14,000 a year without incurring tax liability.

Learn more about estate planning.

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This information is general in nature and is provided for educational purposes only. Regions makes no representations as to the accuracy, completeness, timeliness, suitability, or validity of any information presented. Information provided and statements made by employees of Regions should not be relied on or interpreted as accounting, financial planning, investment, legal, or tax advice. Regions encourages you to consult a professional for advice applicable to your specific situation.

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