Right Retirement Tools

[mickeyd]

This recent WSJ piece covers a number of sensible retirement tools that can be handy when planning for that big event- retirement.

Among those tools: a realistic budget paired with an efficient plan for withdrawing money from savings; an experienced accountant, attorney and source for financial advice; investments that match your cash needs and stomach for losses; up-to-date estate-planning documents; and a nonfinancial plan for staying engaged during retirement.

All pretty general stuff, but this snip caught my eye. Maybe I need to review my ISP once again.

Updating planning document are a must. That includes a will, power of attorney and a health-care proxy. Beneficiaries on retirement accounts and insurance should be kept current.
“There are a lot of people who have never done planning, or did their plan when their kids were babies,” says Ms. Hobson. “Those plans may no longer be applicable, or the laws might even have changed.”
Mr. Hokanson urges spouses and family members to discuss “contingency plans” for finances and health care, should there be a serious illness or accident. “This gives spouses a lot of comfort, especially for a spouse that may be less engaged in the day-to-day finances,” he says.

Have the Right Tools for Retirement - WSJ

 

[kaudrey]

My parents are in the upper 70s, and my mother isn't in the best of health. Although my father is fine, if anything were to happen to him first or he became incapacitated, I'd have to take over my mother's finances. That is all understood, and we talk about money at least once a year.

At Christmas this year, my dad was asking if he should set up an irrevocable trust, to protect assets should my mother need a long nursing home stay. We decided against it, but at one point I looked at him and said "do you have a power of attorney for me, so I can access your accounts if needed?". He started working on that the next day. It was a good reminder that these things should be reviewed on a regular basis.

Thanks for the link.