Your Pre-Retirement Legal Checklist

Before you officially retire, you should prepare for your legal and financial future. Here are some questions to consider:

  1. If you had 15 seconds, could you list every one of your financial accounts?
    In getting ready for retirement, you should consolidate your accounts to make it easier to organize your finances – especially with IRA and 401(k) accounts, so you are sure to plan for required minimum distributions at 70 ½ years of age. Avoid possible penalties for missing an account. Also favor funds with low costs and fees. Large company retirement plans often have low-expense options.
  2. Who Will Inherit Your IRA?
    The person(s) you designate as beneficiaries will inherit your IRA, regardless of the contents of your Will. It is important to review your IRA designees throughout the years in case you need to update.
  3. How Long Until You Pay Off Your Mortgage?
    Do you wonder about paying off your mortgage? The answer is math. Your interest may be fully tax deductible so the tax break makes this loan almost free if the interest rate is low and it keeps your cash available for other expenses. Don’t feel pressure to pay down your mortgage.
  4. If You Couldn’t Manage Your Finances, Who Would Step In?
    If you should become incapacitated and not able to handle your money, who will you trust to pay your bills and take over your finances? You need to execute a Durable General Power of Attorney listing the person(s) you trust to present to your bank and financial institutions. Each bank and financial institution may also have their own forms you can combine with your General Power of Attorney. 

If you wish to prepare for your legal & financial future, our firm can assist you with all of your pre-retirement goals. Feel free to contact our office anytime: (718) 238-6960.

Please visit our website for information on Elder Law and Estate Planning: 

Phone: 718-238-6960
Brooklyn and Manhattan Offices:

9201 4th Ave, 6th Floor
Brooklyn, NY 11209

546 Fifth Avenue, 6th Floor
New York, NY 10036

This post is made available by the lawyer for educational purposes only as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this site you understand that there is no attorney client relationship between you and the lawyer. The post should not be used as a substitute for competent legal advice from a licensed professional attorney in your state. ATTORNEY ADVERTISING.