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Drafting a to-do list when planning retirement in Florida

Jan 5, 2017 | Long-Term Care Planning

Many people go through life making lists to help them plan major events such as weddings and more. Retirement is such an event that needs careful planning, and making a to-do list can ensure nothing is left unaddressed. Florida residents may want to start with giving serious thought to the desired retirement age — considering that a couple of extra years can provide a significant boost to retirement savings.

Once a retirement age is determined, the individual can consider the desired lifestyle. This will help with the process of estimating expenses and costs that will indicate the financial requirements after retiring. With this information available, it will be easier to plan withdrawals from retirement accounts. With the withdrawal rules of a traditional IRA and 401(k), there are requirements related to minimum distributions based on age, account balance and more.

Another important matter to put on the list is health care. Researching what Medicare will cover after the age of 65 will help to draft a budget for healthcare. Those who plan on early retirement might have to prepare for the fact they will have to do without health insurance sponsored by employers. Long-term medical care also deserves contemplation, and an estate plan might be the way to address it.

Once this important to-do list is drafted, the most appropriate step might be to consult with an experienced Florida estate planning attorney. With professional guidance, the client may feel comfortable that all issues will be addressed and all eventualities anticipated. A properly planned retirement can provide peace of mind.

Source:, “Getting ready to retire? Here are things to double-check“, Joseph Ortiz, Dec. 28, 2016