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Senior Citizen's Guide to Chicago

Don’t Be Afraid of the Future
10 Ways to Protect Your Retirement

1) Have a valid Power of Attorney for Property and Health Care

This will allow YOU to decide who makes health care and financial decisions for your benefit when you are unable to do so. Seek the advice of an estate planning attorney to assist you with the drafting execution of these documents.

2) Make wise choices

Choose an individual whom you trust, who knows your wishes, and will follow your wishes under stress, to act as your agent under to your Powers of Attorney for Health Care and Property.

3) Have the tough talk

Have an open discussion with your loved ones regarding your long term care and end of life wishes. The only way they will know what you want is if you tell them!

4) Create a care plan now

This ensures that when you require additional assistance you have already decided what that assistance will be and who will provide it. Make sure your family is aware of your plan and onboard with your choices.

5) Purchase long-term care insurance

Seek the advice of an experienced long-term care insurance agent to ensure you choose the best insurance for your needs.

6) Maximize your retirement savings now

Seek the advice of an experienced financial advisor who will create a retirement plan which maximizes your assets for the longest period possible. Create a budget so that you are contributing the most you can toward your retirement.

7) Maximize your tax benefits

Most people do not know what benefits Uncle Sam may offer. Seek the advice of an experienced accountant who can guide you through the sometimes murky waters of income taxation. Also talk with your estate planning attorney about creating a trust to reduce post death estate taxes.

8) Plan NOW

Having a current estate plan (which may include a will, trust or both) ensures that your wishes are carried out after you pass away. A current estate plan also ensures that your family legacy is protected avoiding probate and saving your family stress and money later. Consult an experienced estate planning attorney to assist you with the execution of these documents.

9) Keep it fresh

Once you have a plan in place, review it every few years to ensure it still reflects your wants and needs. Have your team of experienced professionals review your plan with you – they can advise you of any changes to the law or to the market that may affect your existing plan.

10) Don’t wait until it is too late

You never know what tomorrow will bring, so don’t put off your planning until tomorrow when you can do it today!

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