While a will is a far more complicated document than a note, leaving a will for your family is not only a considerate move on your part; it may prevent your family from dealing with several hurdles and complications after your eventual passing. It’s a good idea to think carefully about making a plan for you and your estate when you die.
You have an estate.
When you hire a financial advisor, you are entering a long-term relationship with a person who will know almost everything about your financial life. It is nearly impossible to know who to trust with your money especially when some financial advisors are only looking to line their pockets rather than offer the best investment advice. Hence the importance to carefully vet potential candidates.
In the past, retirement has been portrayed as an ending, a grand exit from your years in the workplace. But the rules are shifting. Labor force participation among those aged 65-74 is predicted to reach 32 percent by 2022, up from just 20 percent in 2002.1 As the Baby Boomer generation ages, more people are viewing retirement as an opportunity to enjoy the rewards of work in a whole new way.
For those between the ages of 62 and 70, you have the opportunity to begin claiming your Social Security benefits, whether you were planning to or not. This “safety net” of sorts could be an appealing opportunity to replace the income you may have lost due to an unexpected event, but this is a decision that shouldn’t be taken lightly.