[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.amorusolaw.com\/blog\/professional-advice-can-make-retirement-even-better-new-york-ny-white-plains-ny\/#BlogPosting","mainEntityOfPage":"https:\/\/www.amorusolaw.com\/blog\/professional-advice-can-make-retirement-even-better-new-york-ny-white-plains-ny\/","headline":"Professional Advice Can Make Retirement Even Better","name":"Professional Advice Can Make Retirement Even Better","description":"Signing up for retirement isn\u2019t simple, because you have many options. There are many options when it comes to retirement, so it can be helpful to seek professional advice before making decisions that can\u2019t easily be reversed, according to the Cleveland Jewish News in “Professionals can ease a person into retirement“. A good place to […]","datePublished":"2019-02-07","dateModified":"2023-07-30","author":{"@type":"Person","@id":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/#Person","name":"Amoruso & Amoruso LLP","url":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/","identifier":5,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Amoruso & Amoruso LLP","logo":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","width":0,"height":0}},"image":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b022ad3de6856.jpg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b022ad3de6856.jpg","height":1024,"width":1024},"url":"https:\/\/www.amorusolaw.com\/blog\/professional-advice-can-make-retirement-even-better-new-york-ny-white-plains-ny\/","about":["Asset Preservation","Long Term Care","Power of Attorney \/ POA","Retirement"],"wordCount":553,"keywords":["Assets Preservation","Estate Planning","Long Term Care","Power of Attorney","Retirement","Will"],"articleBody":"Signing up for retirement isn\u2019t simple, because you have many options.There are many options when it comes to retirement, so it can be helpful to seek professional advice before making decisions that can\u2019t easily be reversed, according to the Cleveland Jewish News in “Professionals can ease a person into retirement“.A good place to start is with the financial side. Take inventory of all your assets to identify where you have assets and where you have liabilities. You\u2019ll need to be brutally honest with yourself and your spouse. Are there gaps? Is your credit card debt bigger than you thought? Use this exercise to get a real sense of whether you can retire this year.Next, take care of the legal aspects of retirement. You\u2019ll need a will, durable power of attorney and a health care proxy (especially for end-of-life decisions). The Health Care Proxy will give someone the legal authority to make care decisions for you, if you become incapacitated. If you already have a will but have not reviewed it in three or four years, it\u2019s time for a review. Laws change, lives change and what may have worked well for you and your family when the will was first created, may not work now. You\u2019ll want to work with an estate planning attorney to create a plan, making sure assets are properly aligned with your estate plan and minimizing any tax liability for your heirs.This is also the time to consider how you\u2019ll pay for long-term care. Do you have a long-term care insurance policy in place? Speak with a reputable insurance agent, or if you don\u2019t know one, ask your trusted advisors to make a recommendation. People don\u2019t like to think about going into a nursing home for an extended period of time, but it happens often enough that it makes sense to have this type of insurance. It\u2019s not cheap\u2014but neither is paying out-of-pocket for care at a nursing facility.When you\u2019ll retire, and what you\u2019ll do with your retirement years, which could last two or even three decades, is a big question. The answer may be based on your finances\u2014can you realistically stop working full time, or do you need to continue to work for a few more years? Would part-time work fill any savings gaps? These are questions that can\u2019t be answered, without a thorough financial analysis of your retirement income.If you stop working, what will you do? Some experts advise asking a bigger question: Who are you, now that your work identity is gone? If you\u2019ve planned well, or if you\u2019re lucky, your retirement can be a time of great fulfillment, spending time with family, volunteering in the community and devoting time to taking better care of yourself. For some people, retirement from one career is an opportunity to spring into a new career, one that they\u2019ve always put to the side, in order to earn a paycheck.An estate planning attorney can advise you in creating an estate plan that fits your unique circumstances.Reference: Cleveland Jewish News (Jan. 9, 2019) “Professionals can ease a person into retirement“For more information on elder law, retirement planning and estate planning, please visit my estate planning website."},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog","item":"https:\/\/www.amorusolaw.com\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"Professional Advice Can Make Retirement Even Better","item":"https:\/\/www.amorusolaw.com\/blog\/professional-advice-can-make-retirement-even-better-new-york-ny-white-plains-ny\/#breadcrumbitem"}]}]