A retirement savings plan and an estate plan go hand in hand. Proper planning can allow you to enjoy retirement in comfort and to leave an inheritance to children and grandchildren. However, in order for a retirement plan to be effective after you stop working full time, it is often necessary to make adjustments in accordance with changes in income. Here are a few ways to reduce expenses while still living comfortably in retirement.
First, consider dispensing with a second car or luxury car. You and your spouse may not need two cars outside the workforce. Dispensing with a luxury car may also mean that you can forego comprehensive insurance coverage, adding to your savings. You may also wish to review your life insurance and disability insurance needs. Depending on individual circumstances, these may no longer be necessary after retirement. You may also wish to reassess your home. A larger home that was ideal for raising children may be more spacious and more expensive than necessary during retirement. These savings can make more resources available to you for travel and leisure activities.
To enjoy a comfortable retirement and still leave enough to provide for your heirs, it is important to acknowledge that retirement will mean a change in lifestyle. Make the appropriate adjustments to reduce your expenses after retirement.
Pioneers of Elder Law — For over 30 years, Gilfix & La Poll Associates LLP has innovated creative legal solutions to help you manage and plan the future of your estate.
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