Experts say that mid retirement begins around age 70. This means that on the average, you have been retired for 5 or so years and have a good handle on how your retirement is progressing. Obviously if you waited until your 70’s to retire, this period may have shifted for you a bit. Planning out the later part of your retirement needs to take into consideration several things.

Minimum Distribution Requirements

Many retirement savings accounts have minimum distribution requirements. These will begin at age 70. Even if you are over the age of 70 and have not retired, your accounts will still have these requirements. Make sure you are ready to take those distributions out and can manage where they are going to reside once they have been withdrawn. Also remember to take into account any tax implications these withdrawals might have.

Looking Towards Declining Health

Even though you may be feeling well and are able-bodied now, you need to begin to plan for a decline in your health. Using scenario planning to do this is a good way to see how your finances and retirement savings will help in the later phases of retirement. Sit down and project several scenarios from best case to worse case and see what funding would be needed for each. Make sure to communicate with your family or other loved ones who may need to become involved.

If you need legal assistance for planning for mid or late retirement, or any other elder law issues, contact Stano Law group today.