According to the U.S. Census Bureau, people today can expect to live longer in retirement than ever before. Increased life expectancies mean we’ll all probably have to do a better job of planning our retirement and protecting our estate assets than previous generations. Working out a sound financial plan now—before you need it—can help accomplish retirement and other important financial goals.

Retirement Planning

Creating a financial plan can help ensure a comfortable retirement. In drawing up your plan, you’ll have to review your:

Once this information is determined, any shortfall between projected retirement income and anticipated costs of living during your retirement can be calculated. It’s important to plan so you have enough assets to get you through—not merely to—retirement. A comprehensive retirement plan might include elements such as:

Estate Planning

Most of us already know our estate includes every asset and debt we have. However, few of us probably also realize that:

To help meet estimated future needs, typical financial plans often employ the following strategies:

In short, talking with a financial and tax advisor regarding the adequacy of current estate and retirement plans is an essential first step for anyone interested in leaving behind a lasting personal and financial legacy. IBI