With retirement on the horizon, think of all the limitless opportunities that still lie ahead. Now is the time to make sure your finances are in order and that they are reaching their full potential. As you think about retirement plans, supporting your kids throughout college or assisting your elderly parents, it can become overwhelming. With proper planning, though, the future is not so scary, but full of infinite opportunities.
Optimizing My Assets
If you plan to retire soon or are already retired, you should re-evaluate your financial goals and strategies, along with your health plan. Be aware of the benefits of estate planning and making sure your will is in order.
By this time, you have been saving for retirement for many years, whether in a Roth IRA, a 401k, or both. Re-evaluate your goals: can you retire sooner than planned? Can you increase how much you save in order to retire at the expected time? Look at your saving and checking strategies to see if you could be financing in better ways. Use a calculator to help you improve your plan, or talk to a Univest banking professional.
Being so close to retirement is an exciting time in life, but it's also the time to evaluate policies like your health plan, to make sure you have all the coverage you need. Consider supplemental health insurance; coverage that can help supplement some costs not covered by health benefits and lost income due to time off from work. Sudden illnesses are already hard enough to deal with – you shouldn't have to worry about the costs of them, too. Univest can help you figure out what plan is right for you.
Many times, just writing a will isn't enough to make sure everything is in order after your death. Estate planning can make sure certain assets are not over-taxed and that there are no complications with your estate. You should start by updating your will: who inherits the estate? What is included with the estate? There are many aspects to estate planning and there isn't just one way to plan it. It all depends on the person you are and what is right for you.
Financing My Dreams
You've been working your whole life to be able to enjoy the recreation and the property you love. Make sure you keep on the right track by knowing your mortgage and other finance options. Refinance your home or buy that vacation house of your dreams. Univest Bank and Trust Co.SM offers custom mortgage programs that can help anyone own the home they love. Find out all of your options with Univest.
You also might have been saving for that perfect recreational vehicle for after retirement or even beforehand. Reward yourself with that boat or car with an auto loan that fits your budget.
Assisting Elderly Parents
Assisting your elderly parents is important to both you and them, but there are questions about what to expect while being a caregiver.
Begin by reviewing an elderly parent's health care plan, so you know what medical bills and health care options to expect. Some medical-related items, non-medical items and aids such as hearing aids and dentures are not covered by insurance, so you should be prepared for such out-of-pocket costs as well. Also, keep in close contact with your parent's physician. As a caregiver, you are entitled to know all about a parent's diagnosis and prognosis and have a say in treatment options. A physician can help answer many questions about how to help a parent and what their insurance includes. Above all, it is important to constantly communicate with your parent, asking any necessary insurance questions or asking about their comfort.
Also, talk to your parent about trusts. They give a person more control over their assets, along with many other benefits. Types of trusts offered are living, irrevocable and testamentary. Trusts avoid government taxes, unpleasant court proceedings and allow a third party to hold onto the trust until an heir receives it. Learn more about the benefits of trusts.
