Being retired means you can focus on what is most important to you. You finally have time to spend with the family, indulge in all your hobbies and spoil the grand kids! With so much to do, it is easy to put off taking care of financial matters. You have planned retirement so well, but can you be doing more? Make sure all your assets are reaching their full potential and that your family will be taken care of in the future.
Optimizing Liquid Assets
There's a lot you can do with your liquid assets to protect and optimize them.
- Any gifts up to $12,000 you give each year are tax free. Take advantage of this so that your family has fewer taxes to pay later.
- Open an online checking account with Univest, where you can gain interest on the money in your checking account, as well as enjoy other benefits.
Estate Counseling
Now is a great time to review your estate plans. An estate plan encourages you to talk to your family about your wishes after you're gone, as well as assures them they will be taken care of. It allows a lawyer to draw up paperwork, to make sure the legal process will go smoothly and hassle free. In addition, create a trust which is tax free and ensures that your family members inherit what you intended. Learn more about opening a trust with Univest.
Downsizing Living Quarters
With children moved out of the house and maintenance becoming harder to keep up with, consider downsizing your living quarters. Not only is a smaller home easier to get around and maintain, but it also allows you to gain extra money for retirement – either to spend or invest. With a lower mortgage in a smaller home, you can have more to spend on what you really care about, such as the vacation of your dreams. Also, consider selling a second car if you and your spouse often travel together. Downsizing gives you more financial freedom and fewer assets to worry about. Learn more tips on money-saving mortgages.
Charitable Planning
While planning a financial budget, many people desire to give a fair amount of money to charity. Univest has many suggestions on how to reach any charitable goal you might have. Whatever cause is important to you, Univest can help you make a difference. Charitable trusts can be created, reducing the amount of tax taken from it. If you've bought a profitable stock, you can give it to a charity and receive an immediate tax reduction. Types of charitable trusts include:
- Charitable Unitrust
- Charitable Annuity Trust
- Gift Annuity
- Deferred Gift Annuity
- Sale and Unitrust
- Part Gift and Part Sale
Visit the Univest Foundation to read the success stories of others and find out how you can donate to your charity of choice.
