Trusts and Estates Blog

Financial Planning for Retirement

stack of coins isolated on whiteMany Americans understand the importance of retirement planning and many begin such plans early in life through employer programs or other methods. But facing the task of figuring out just how much to set aside for a comfortable retirement can be a daunting problem.

There is no set amount that will allow all individuals to retire comfortably. Just as each person has individual needs and a certain comfort level of living, so each person’s amount needed for retirement will vary. Several factors are involved in the determining of your specific financial retirement needs. Also, length of life will factor into financial planning. Since the average life expectancy rate is increasing in North America, persons should plan for retirement to an average age of 90.

So how much should planners save for comfortable retirement? Many financial planners state that a good goal is fifteen times your current annual income. This amount should fund your most basic needs until the age of 90. If you plan on beginning new hobbies, traveling more often, or incurring new expenses during retirement, adjust your goal amount accordingly (roughly twenty-two times your annual income).

Many financial planners advise people to begin financial retirement planning in the 20’s and 30’s, yet it is never too late to begin saving for the future. The sooner you begin, the smaller the amount needs to be saved each month (and the better chance of reaching your retirement goal amount).

Antelope Valley estate planning law firm Thompson Von Tungeln (TVT) offers sophisticated estate planning and administration for the affluent, discriminating client. As Board Certified Specialists in Estate Planning, Trusts and Probate as certified by the State Bar of California Board of Legal Specialization, partners Mark E. Thompson and Kevin L. Von Tungeln are expertly equipped to serve these clients with the creative, effective and custom solutions they demand. For more information, contact TVT at 661-945-5868 or visit their websites at www.EstatePlanningSpecialists.com and www.Medi-CalHelp.com.

Family Legal Decision

WOK, but I have few important questions yet.hat happens when your loved one approaches the point that they can no longer function independently? While definitely a scary time for many, a few steps must be taken to ensure their legal affairs are in order.

The following are a few important points that must be discussed between you and family about the legal affairs of your aging loved one.

–Who will be in charge of managing your loved one’s personal affairs while they are still alive?

–Who will personally care for your loved one as they are unable to care for themselves? Will you pay for in-home care, appoint a loved one to be a caregiver, or choose a nursing care home at which they will live?

–How will you pay for long-term health care? Does your loved one have funds set aside for medical costs?

–Are your loved ones financial affairs in order? Be sure their assets are protected and their spouse will be properly cared for financially.

–Does your loved one have a will established? Reacquaint yourself with the specifics of their will and their wishes for the final days of their life.

This time can be overwhelming, so be sure to consult your family attorney or hire one immediately. If your loved one still has the legal capacity to make his or her own decisions, the number of planning options increases and an attorney can guide you through this process.

Sit down with your family and discuss the above questions to alleviate the stress of this transition period. Have a family meeting before meeting with an attorney so you are prepared with answers to questions the legal counsel may ask.

If you need help maneuvering through the many legal questions during this time in the life of your loved one, give our offices a call at 661-945-5868 and we will be happy to help answer any questions you have.

Antelope Valley estate planning law firm Thompson Von Tungeln (TVT) offers sophisticated estate planning and administration for the affluent, discriminating client. As Board Certified Specialists in Estate Planning, Trusts and Probate as certified by the State Bar of California Board of Legal Specialization, partners Mark E. Thompson and Kevin L. Von Tungeln are expertly equipped to serve these clients with the creative, effective and custom solutions they demand. For more information, contact TVT at 661-945-5868 or visit their websites at www.EstatePlanningSpecialists.com and www.Medi-CalHelp.com.

Trusts and Estates Blog