Some people understand the importance of retirement planning. Others understand that estate planning is something they need to do without delay. And those who want what’s best for them and their family realize that they should tackle both.
Retirement planning and estate planning go together hand in hand. You shouldn’t do one without the other, as this can leave holes in both plans – and that’s not a risk you want to take.
Here’s a brief passage from our website that explains why it’s so important to retirement plan and estate plan together:
The sheer volume of rules and regulations that apply to retirement accounts is one reason why it is essential that you not make the mistake of creating your retirement and estate plans independently of one another. Your retirement nest egg will have a direct impact on your estate plan as will the tax consequences of your retirement accounts. The rules for withdrawals from a tax-deferred retirement account are typically complex.
Adding to the above, withdrawal rules can and will change over time, which makes it even more challenging to stay on top of things. Furthermore, when you pass away, it’s critical that you know what will happen to your retirement account assets. Without proper planning upfront, your family could lose out on a large portion of your retirement assets.
Even if you’ve never given a second thought to the impact of retirement planning on estate planning, it’s easy to make a change. And once you do so, you’ll find that you’re able to make the most of both processes.
For those who have fallen behind, contact us to learn more about your options. We have in-depth experience pertaining to both retirement planning and estate planning. With our guidance, it won’t be long before you feel good about the plan you have in place, both for your retirement and your estate.