Retirement Planning Attorneys in Westchester County
Build a Plan for How You’ll Live out Your Retirement
Retirement planning was once a far less complicated matter than it is today. Instead of deciphering tax laws and calculating return rates, you could count on a pension and Social Security to carry you through your later years. Times have changed, but that doesn’t mean you can’t live out the rest of your life with comfort and financial security.
Corliss Law Group, P.C. is a law firm that can help people build a retirement plan that makes sense for them. By evaluating five phases of retirement and planning for each, we can advise our clients of the steps they need to take to ensure that their transition into retirement is as steady and seamless as possible.
Our counsel can help you make important decisions now that can impact how you enjoy life during retirement.
The Five Phases of Retirement Planning
Crucial to retirement is being able to live within your means. In other words, by maximizing your income and savings while minimizing what you spend throughout life, the more you’ll have to live off of during your retirement.
Planning for this period of your life should account for five phases, which we’ll explore below.
Phase 1: Accumulation
The first phase of retirement is when you begin accumulating wealth. Typically, this period of time begins when you begin working and setting aside funds for retirement – whether that’s in a traditional savings account or a retirement savings account.
Phase 2: Pre-Retirement
The second phase of retirement lays within your final working years when your retirement is still about 15 years away. Chances are good that you are reading this because you are at this point in your career are considering whether or not you should remain in the workforce for a few more years before retiring.
Our retirement planning attorneys in Westchester County can help you discern for yourself what your goals should be right now, be they staying for a few more years, seeking a greater income as you push into retirement, or even if exiting now is advisable.
Regardless of how long you want to continue working, at this stage you should be concerned with getting a realistic retirement plan in place. You should also learn ho you can convert your employer retirement savings into an income stream.
You may also want to engage in scenario planning to identify the best possible ways your life will realistically play out during retirement.
Phase 3: Early Retirement
The third phase of retirement lasts from the day you celebrated the end of your working life to the day you turn 70. The main purpose of this phase is to assess the condition of your finances and modify your investment strategy if needed.
You can do this by fine-tuning the projections for your income and expenses out to 100 years old – while none of us is quite sure we’ll last that long, planning for it makes lasting through the years leading up to that milestone easier. At this stage, you should also evaluate how you will meet the government’s requirements for minimum distributions from your tax-deferred retirement accounts.
Phase 4: Mid-Retirement
The fourth phase of retirement lasts from around 70 years old until you are in good mental and physical health. At this point, you should have realistic plans in place for what your family should do should you suddenly become incapacitated. If you haven’t already done so, this is the point where you should reevaluate estate planning documents like your will or trust and advance directives.
Phase 5: Late Retirement
The final phase of retirement begins when your health declines and you are unlikely to recover. You require significant assistance to function on a day-to-day basis, and you are or will soon be a nursing home resident. Because life is uncertain, there is no set period of time for how long you may be in your late retirement.
By carefully planning the previous phases, however, you can rest assured that your interests will be safeguarded by earlier choices.
“The Corliss Law Group returned calls promptly and answered all of our questions.”- Karen C.