Orlando Retirement Planning & Estate Planning

Does planning for retirement have you too overwhelmed to even start? Whether your retirement is still several decades away or just around the corner you need to understand your retirement goals. Retirement Planning, in addition to Medicare planning, social security planning and caregiver planning are all important aspects to any comprehensive financial plan. The key is understanding the challenges, the available solutions and where to turn for help. Take these steps in your Orlando retirement planning strategy to get moving.

Step 1: Understanding the Challenges

The first step in developing your retirement plan is understanding the challenges you can expect to face. These challenges will vary along with your individual needs, wants and resources. Although each retirement may be unique, there are some challenges that are common to most retirees. Some of the most significant are presented here to help you begin understanding what you’re up against:

  • Living Longer
  • Rising Prices
  • Market Volatility

Step 2: Understanding Retirement Income Sources and Solutions

The obstacles that stand in the way of developing your plan are daunting, but they aren’t insurmountable. Now that you have an idea of what the challenges are, it’s time to look at some of the tools you have at your disposal to overcome them.

  • Social Security
  • Pensions
  • Income Annuities
  • 401(k) and IRAs
  • Life Insurance

Step 3: Repositioning Your Assets

Most people spend years climbing the mountain of wealth accumulation, building their assets to prepare them for that magical day of retirement. This is the point where many people make a common mistake with retirement planning. Once they get there, the accumulation phase ends and the distribution phase begins, and they fail to position their assets to ensure they'll last throughout the retirement years. Far too often, they run out of money.

Step 4: Understanding the Value of a Financial Professional

You've gotten familiar with common retirement challenges and some of the tools available to you. The final step is putting it all together and making your customized plan. To do that most effectively, you should consider working with an expert in the field.

Estate Planning

Do you need to create an estate plan?

If you don’t leave behind an estate plan in your Orlando retirement planning strategy, your family could face major legal issues and (possibly) bitter disputes; making the plan may leave you with the comfort of knowing that your wishes will be carried out, when the time comes. Your estate plan could include wills and trusts, life insurance, disability insurance, a living will, a pre- or post-nuptial agreement, long-term care insurance, power of attorney, and more.

Why not just a will? While your will may state who your beneficiaries are, those beneficiaries may still have to seek a court order to have assets transfer from your name to theirs. In such a case, those assets won’t lawfully belong to them until the court procedure (known as probate) concludes. Estate planning can include items like properly prepared and funded trusts, which could help your heirs to avoid probate.

We recommend that you speak with a qualified legal or financial professional – one with experience in estate planning. A qualified financial professional may be able to refer you to a good estate planning attorney and a qualified tax professional, and they can then assist you in drafting your legal documents.

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Make An Appointment

Schedule A 15 Minute Phone Call

Schedule Now

Meet With Til Sowden

Schedule Now

Online Meeting With Til Sowden

Schedule Now