Yea, who is going to take care of us

I love my daughter but no way do I want her to have to take care of me. maybe sign some papers and direct funds but nothing more 😆 I thought about this a bit before I was diagnosed with autoimmune encephalitis, but more so after. I had to really look at my estate planning when I was able to think more clearly which is a subjective term since my diagnosis.

Some critical documents one needs in their retirement/estate plan are a Will, Living Will, Power Of Attorney, and/or Medical Power Of Attorney. I have found that a Living Will is extremely helpful as it can lessen any possible guilt the Executor to your estate may feel regarding having to make critical medical decisions. Because I have been misdiagnosed twice before finding a very well know a doctor to diagnose and treat my autoimmune encephalitis as well as the possibility of having to go to a hospital that is unfamiliar with the illness nor how one lives with autoimmune encephalitis, I feel that outlining the majority of my care and wishes in a Living Will will help the medical staff I end up with or at least not require my daughter to make any critical medical decisions. I do not want that burden on her.

retirement sitting on beach with coffee

A trust is a much better way to transition assets as it could bypass probate and avoid possible taxes or capital losses for your beneficiary. Yes, it is legal.😆 A trust can contain almost every kind of asset you own such as bank and investment accounts, vehicles, property such as real estate or crypto, and in some cases, a business. The laws and regulations of your state may differ so, it is best to consult with a lawyer and account that are familiar with setting up trusts.

But, before all that, you do need to be on a path to retirement bliss. In other words, have enough money to live comfortably when you can’t or don’t want to work anymore. Social Security is not a retirement plan, but good money management and investment plan are. Also, the more time you have, the greater you can make your retirement estate. Compound Interest and time are your best friends as long as you aren’t chasing crypto or the hottest stock tip. To create a sound wealth plan, I suggest you consult with a licensed and knowledgeable professional that is a fiduciary. A fiduciary is someone that will help you create your wealth plan but they do it in your best interest and not based upon commission.

I have heard others say or write that it is too late to change their situation, but that isn’t true in most cases. It is never too late ( ok that may not be 💯% ) to get your retirement on track. It just will take a more profound and more strict commitment to it as the years pass.

As always, all the best to you and keep moving forward!