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ready to retire?Once again I have been reminded about the importance of planning. As our clients age, we are becoming more involved with their planning needs when it comes to living situations, income needs, health care, financial support needs, and children’s involvement with all these tough issues. We are grateful for this opportunity and see it as a part of what we are doing here at HMC. Not only is our business providing for the management support of our clients’ assets, but also to help coordinate different professional and family members to best provide for the clients’ needs.

Please as you think through the issues of your own wishes make sure you have done the following:

1. Your will is up to date. 2. You have your power of attorney, living wills, health care power of attorney all current and in an easily accessible place. 3. You’re living within an acceptable budget. 4. You and your spouse have a good working understanding of your desires: asset make up, risk levels, etc. You have met with your children and brought them up to speed on the same desires and needs. 5. You have thought through your long-term health care needs. Not only insuring those needs, but what it is you really want for when it comes to your care. Is your home set up so you can live in it? Should you begin to consider a retirement community? How will extended living needs be addressed? Should you be closer to children? When to elect social security? Keeping or cancelling old life insurance contracts? All of these, plus, so many more questions need to be thought through and discussed with those around you who you will rely on in the latter years.

This can be over bearing if taken as one bite. Let me suggest you break this down into tiny bites that you can manage, set a plan, put it aside in a safe place, and move on to the next topic.

What I am sure of is that the folks that do this type of important and tough work now are far better off than those who try to deal with these topics when they are in full blown crisis mode.

So take some time talk with us and your love ones and let’s get some plans in place.

 

 

• The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.