When planning for retirement there’s a lot to keep in mind. These three little missed details are easily overlooked but can have big implications on your retirement. Getting these sorted out can save you from a lot of trouble down the road. Have you addressed these three little missed details in your own plan?
(Click the featured times below to jump forward in the episode)
1:44 – Major Purchases In Retirement
- One of the most difficult parts of retirement planning is knowing how much you will spend in retirement.
- The same major expenses you make now (e.g. a new roof, car, etc) will pop up in retirement.
- Many large expenses can be planned for in advance, so incorporate them into your plan.
4:51 – What To Do When A Spouse Dies
- If the person who died was the primary breadwinner, it could impact your pension.
- When one spouse dies, the remaining spouse does not get to keep both Social Security benefits.
8:27 – Beneficiary Designations
- If you don’t decide on a beneficiary, the state laws will decide for you.
- David tells about two families who failed to designate beneficiaries properly. Little missed details like beneficiary designations can prove costly to surviving family members.
- Always make sure you name a secondary beneficiary.