Smart Management of Retirement Income—Long-Term Planning

The Need for Planning


 What's in Your Estate?
 Your estate—the value of what you leave at your death—consists of everything you own individually and your share of anything you own with other people. This includes real estate, personal property, retirement plans, bank accounts, securities, life insurance policies and even income tax refunds you’re entitled to.

Now that you’re retired, you may have many questions about the future—particularly about how your spouse and family will cope financially if you become disabled or die and what will happen to the assets in your estate after your death. These concerns underscore the importance of solid long-term planning.


As you look ahead, it’s often a good idea to focus on putting your needs front and center in the plans. Although you probably want to take care of the people or institutions you love by making gifts, you should make sure you have enough resources to carry you through for the rest of your life. You might also want to consider that no matter how carefully you prepare for retirement, circumstances that you can’t predict often come along. So you should be realistic with your plans, which means taking precautionary steps to cushion yourself and those who depend on you from financial strain and emotional stress.


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