Planning Tips for Retirement (Part II)
It is never too late to start financial planning, even after retirement. If you have not read the first part of my tips for retirement, click here. Here are four more tips for those of you who are retired:
College Savings 2.0
Did you think you were done with tuition checks? College savings plans have many benefits. A big disadvantage (especially to parents) is that a college doesn’t start calculating financial aid until after they take 529 funds off your hands. However, colleges and universities do not count savings plans owned by grandparents. Rather than make financial gifts to your children or grandchildren to help with college, open an account in your name, but for your grandkids’ benefit.
Review Your Will and Insurance
If it’s been a while since you updated your estate plans, the state and federal laws have probably changed, and your family situation probably has too. Sitting down with an attorney is a great way to ensure your wishes are executed in an organized manner. This includes reviewing beneficiary designations on your retirement accounts and insurance policies. You’d be surprised how many times people discover mistakes or outdated intentions in their beneficiary designations.
If you have an old life insurance policy, it might be worth carefully reviewing. Does it still make sense in the context of your current situation? Maybe there is a cash value you can use. If it’s a term policy, maybe it makes sense to quit paying premiums.
Scam Defense
Scammers are getting more sophisticated all the time. More often than not, they target an older demographic. Sometimes their attempts are comically bad. But some are getting frighteningly realistic and plausible. The National Council on Aging has some good tips–including advice on password management.
Consider Your Fitness and Nutrition Goals
I mentioned this in my blog post for the middle-aged crowd. But what good is retirement if you’re plagued with health problems? Being active and happy in retirement is more than saving and protecting your assets. Your health and mobility will be key to enjoying all the other work you put into making a successful retirement possible. Take advantage of resources for seniors to get fit and stay active. Don’t let me stop you from running a marathon or becoming a bodybuilder, but functional mobility is really the name of the game. Find a supportive social network that will help you keep your mind sharp and your body moving. Sure, aging comes with a few kinks, hitches, and limitations. But yoga, physical therapy, dietary changes, or acupuncture may shift your paradigm with regard to your limitations.
I hope you found these tips helpful. Let me know if you have any questions about these tips. Is there anything on your mind that I didn’t mention? I’d love to hear from you.
