How To Get Your Retirement “House” in Order in 2018

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How To Get Your Retirement “House” in Order in 2018

When you save for retirement, you’re planning for a future that is probably years, if not decades, in the future. However, taking a set it and forget it” approach to your retirement planning could end up costing you and your loved ones in the future.

The start of a new calendar year is always a good time to review your retirement documents and plans with an eye toward correcting any issues or potential problems. Here are a few things you should do now to prepare for retirement:


Look at Beneficiary Designations

Many people wrongly assume that their Will or Trust will automatically control how all of their assets pass after death. In reality, any type of account or policy with a named beneficiary will pass to whomever is named. It is critical to review your beneficiary designations on retirement accounts, annuities and life insurance policies to ensure they are set up to pass to the person(s) or organizations you want to benefit. Don’t forget about your 401(k) plan or other employer-sponsored retirement plan! Make sure you have current beneficiary wishes on file – especially if you were recently married or divorced. 

Check Your Social Security Earnings 

You pay in to the Social Security retirement program every year. Do you know if those contributions have been credited correctly? Create and log into your My Social Security account to review your credited benefits and estimated retirement benefit amount. 

Create a Power of Attorney Forms  

If you were to become incapacitated, does someone else have the authority to handle your financial affairs for you without going to court? Talk to your estate planning attorney about the benefits of naming a trusted relative, friend or professional fiduciary as your agent.

Make Sure Your Loved Ones Will Be Able to Find Your Accounts/Assets 

You may be signed up for digital account statements for all of your retirement accounts and insurance policies. While that can help reduce clutter and streamline your record-keeping, it is important to make sure your loved ones will be able to locate your accounts after you pass away and that your power of attorney agent knows where your assets are held. Consider printing off year-end statements to file with your estate planning documents. 

For more recommendations and best practices for putting your retirement house in order, contact us today! Our team of experts has the experience and ability to tailor a comprehensive estate plan for you. After a thorough review of your assets we will present you with various estate planning techniques that will suit your needs no matter what type of estate you have.