In today’s America there are a great many challenges facing seniors. Chief among them is the protection and preservation of your life’s savings to provide for your care throughout your retirement. You must plan so as to not outlive your assets.  

There are a number of questions to be answered, such as how to distribute your wealth so as to leave a lasting legacy for your family, and how to do it in the most tax-advantageous manner you can. You must be aware of the plethora of rules, laws, and taxes that surround your estate. Planning is essential for the distribution of your life savings in a way that your life’s work will live on, long after you’re gone.

There are many bureaucratic pitfalls to getting older, and one mistake on a form can cost you and your family a fortune. For example, IRA accounts have special rules attached to them, like mandatory minimum distributions, and the fact that IRAs do not pass through your will and are not part of your living trust. It’s important to really understand why the IRA is unique.  If you die without a surviving spouse who would be the primary beneficiary or the recipient of your IRA or your retirement plan?
If you assumed your children…
That is incorrect.
Unfortunately, the primary beneficiary of your IRA is going to be the Treasuries of the United States, and of the state you happen to live in.  Its bad enough you’ve been paying taxes on all your hard-earned wealth all your life, now they’re going to try and take the rest of it on your death.
If that makes you angry, it should.
Number one on the list of beneficiaries is the IRS unless you want to replace them, and fortunately, you have that power!
Number two is your spouse and I think the spouse is obviously the best choice
Then your kids and then your grandchildren.  And now even under the new tax rules, your great-grandchildren.

Good financial planning means your family’s future and your lasting legacy is assured. Good financial planning means you can enjoy your retirement years, you can afford to treat yourself once in a while. Fly first class, don’t feel ashamed to spend some of the money you’ve spent a lifetime earning. Good financial planning means you will have the costs of your health care in your later years covered, and not a burden for your children to bear.

Contact Bill Ridgell today to protect your retirement.