You may think that you have time before you retire. Odds are it is much closer than you think. While it is never too early to start thinking about retirement, the closer you get to that time, the more critical your decisions can be and the larger effect they can have on your overall retirement plan.

Here are some things to consider as you get closer to retirement to make sure that all of your plans are going in the direction that you want them to. For further help, seek the assistance of an elder law attorney.

 

Check Up on your Retirement Plan

Do you really know how your retirement plan looks? If you don’t then you should thinking about doing a retirement projection. There are several ways that you can go about doing this. Many employers offer access to services that can look into your savings and assets and give you an idea of what type of lifestyle you can support.

There are also many resources online that can help you do a cursory look at your retirement accounts and see how your plan looks. Trust these less as many times they are very high level and don’t contain a depth of knowledge in them. Experts in retirement and elder law can also help you to do a retirement projection. They have a depth of knowledge about social security and other ways to protect your assets in retirement.

 

Take Stock in Your Accounts

If you have had several jobs over your career you may have retirement income stashed away in several different pensions and accounts. Before you retire you should make sure that you know where all of your retirement assets are; no matter how large or small.

Don’t just look at your own accounts. Remember that your spouse may also have just as many retirement accounts and that should all be figured into your retirement plan. Make sure to have an accurate assessment of how much income that you are going to be getting.

 

Assess Your Social Security Benefits

How does social security figure into your retirement? Is it a large or small part? Are you aware just what your benefits are going to be? You should receive periodic mailers that detail how much you will receive from social security when you retire. Make sure that they contain credit for all of the jobs you have had and accurately detail the income that you made at those jobs.

 

Think About Medicare, Medicaid and Supplemental Insurance

How are you going to handle your health care in retirement? Sure Medicare and Medicaid are two of the primary methods, but supplemental insurance can also be necessary. Remember that healthcare is a major issue as you age so you need to be sure that you have everything you need to cover medical costs in retirement.

 

Contact an Elder Law Attorney for Help

Do you have questions about your retirement or estate plans? Then look to an elder law attorney like Stano Law group to help!