Submitted by Ginny Grimsley of News and Experts, www.newsandexperts.com
There is a surge of retirees – 10,000 baby boomers every day for the next 18 years, according to certified planner Larry Roby.
“Only 23 percent of pre-retirees have calculated how much they’ll need to save for retirement, according to New Retirement Landscape; while three-quarters say they’re confident... an equal amount of people haven’t even done the math yet!” says Roby, founder and president of Senior Financial Advisors, (www.sfabridge.com), a wealth-management firm.
“Confidence in your retirement portfolio is good – if it’s justified. Otherwise, it can lull people into a false sense of security and lack of preparedness.”
Having a diverse portfolio and understanding options for life insurance, Social Security and 401(k) or other retirement accounts are staples for retirement planning. But there are also six crucial documents that are often overlooked:
• Joint Ownership -- Enables you to own property jointly with another person and upon the death of the joint tenant, the surviving joint tenant automatically becomes the owner of the property.
• Last Will and Testament – A legal document which expresses the wishes of a person concerning the disposition of their property after death and names the person who will manage the estate.
• Durable Power of Attorney – Grants authority to another individual to act on behalf of the person who executes the instrument and are commonly used for legal and financial purposes.
• Durable Health Care Power of Attorney- Grants authority to another individual to make health care decisions on your behalf should you be unable to make such decisions.
• Advance Care Directive – A set of written instructions in which a person specifies what actions should be taken for their health, if they are no longer able to make decisions due to illness or incapacity.
• Living Trust – Created during your lifetime. Assets are transferred to the trust while you are alive. Provides written instructions for the disbursement of the trust assets upon your death.