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Will you have enough money to live the retirement life you want?

Will you have enough money to live the retirement life you want?

Anyone who has any assets, including money, insurance policies, or possessions, has an estate. If you want to make sure these things go to the people you want and in the proper amounts, it is important to have an estate plan in place. What about money for retirement? Many families can better organize their financial affairs when they know about the many solutions that are available to them. However, when is the best time to start saving for retirement? The answer is simple: as soon as you can. Ideally, the best time to begin is when you begin earning a paycheck. The sooner you begin saving, the more time your money has to grow. Tax-favored retirement accounts, such as individual retirement accounts (IRAs) and 401(k)’s are the best places to save for your retirement. Most plans allow you to defer taxes on the money you save and the returns you earn within the account. Tax deferral means that the amount you contribute escapes income taxes until you start withdrawing the money years later. Another advantage is that many employers will match part of your contributions, especially in 401(k) plans. How much money should you save? The answer is: as much as you can. If you begin saving in your 20s, you should try to save between 10% and 15% of your income for your retirement. It’s a good idea to speak to a financial advisor or an experienced estate planning attorney who will help you establish a savings target – one that tells you about how much you should set aside over time to meet your retirement goals. Creating...
What is an advance healthcare directive?

What is an advance healthcare directive?

Although death is an inevitable part of life, many of us are reluctant to face the fact that we are not going to live forever and plan for our end-of-life care. By making end-of-life choices early on, you can improve the quality of your life in the future and ease the burden on your family later on. Discussing and preparing an Advance Health Care Directive with your loved ones offers the best assurance that decisions regarding your future medical care will reflect your own values and wishes. It is difficult for an individual to think about the care and treatment they will want in the event they are incapable of making their own health care decisions one day. However, completing an Advance Health Care Directive (AHCD) is important because you may unexpectedly find yourself in a position where you cannot speak for yourself, such as an accident or severe illness. An Advance Health Care Directive gives you the following options: You can appoint someone (your agent) who has power of attorney to make care and treatment decisions on your behalf and give instructions about your health care wishes, such as a trusted friend or family member You can give detailed instructions about your health care wishes You can do both – appoint someone to make your decisions and give detailed instructions Once you have completed the required form and have your signature notarized or witnessed, take a copy to your primary care physician so that it can be placed in your medical records file. In addition, give your agent a copy and keep one for your own personal records....