August 5, 2013

Four Legal Matters To Address As You Head Into Your Retirement Years

Filed under: Retirement — seniorlivingguide @ 9:02 am

Courtesy of Hannah Whittenly [hannahwhittenly@gmail.com]

Your retirement years are supposed to be the best of your life. However, you could spend them fighting with judges and government lawyers if you don’t take care of loose ends now. What are four legal issues that you need to address as you start to see the retirement light at the end of the tunnel?

1) Make A Will
The first thing that you want to do is make a will. If you have any cash, stocks or a house that you want to pass on to a future generation, make sure that you put your wishes into writing. This ensures that the retirement benefits that you worked hard for can continue to help your family after your passing.

2) Decide When You Will Start Drawing Your Social Security Checksretirement
The law allows you to start taking your benefits at the age of 62. However, if you start drawing before the age of 65, you could lose a percentage of those benefits. If you start working again, the government may take up to $1 for every $2 that you make. Therefore, you need to talk to your lawyer or financial planner to determine when the best time to start cashing in on your retirement checks.

3) Determine Who Has Power Of Attorney Over Your Affairs If You Are Incapacitated
You should know now who will take over your affairs if you are not mentally able to do so. Determining who has this power now instead of waiting for an emergency to strike ensures that your retirement benefits will go to the right people. You also need to choose someone who won’t try to circumvent your will or living will to name him or her a beneficiary if something happens to you. A disability attorney St Louis can offer will help you draft up all the relevant documents.

4) Ensure That You Have Met Company Rules About Retiring With Full Benefits
Be sure to look over any rules that your company has regarding retiring with full benefits such as a pension. If you retire too young or before you hit a certain number of years with the company, you could forfeit your benefits.
It is important to decide before you retire what is going to happen to you after you retire. If you die or become incapacitated, having an appointed person to carry out your affairs will make it easier for yourself and your entire family during their time of stress.

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