Thursday, September 6, 2007
First things first, you should have a will. Wills not only do the obvious: distribute wealth and possessions to loved ones; they also leave an impression on how carefully one has managed his or her estate especially for those left behind.
The following are things one should and should not do in making a will:
Do update your will
Everything changes. Possessions, money can increase or decrease. Estate tax laws change in a whim thanks to Congress. The IRS can just as well alter these laws depending on whose side they are on and how they interpret it. There are varying laws in each state. It is important to evaluate every major change in your life. Doing so could change your will for the better and your death a lot more peaceful.
Do name the correct executor
Executors should be ethical, honest, and efficient and be ready to give his or her service at the drop of a hat. Ensure that the potential executor has been properly briefed and that his or her consent has been received. It also helps to have one or two alternates. It is also suggested that one name an executor younger than yourself. The point is to lessen the chances of having an executor die before you do.
Do not name the same person as guardian and trustee
It helps to not name the person you entrust with your children with the same person you entrust with your money and finances. Having different people fulfill these varied responsibilities is important. It keeps the system in balance and each person doing the role he or she knows best what to do.
Do not leave too much for a spouse
Leaving money that is more than sufficient to your spouse is not a very good idea. It takes away wealth that your children should just as well have and you will not be able to monitor your finances if all of it is entrusted to your significant other. Depositing some of your financial wealth to a trust is one way to keep it growing.
Do not be too specific
Some families fight as to who gets the blender and who gets the kitchen sink. It is important to not be too detailed in your will as to who gets what. Being too specific could result in unnecessary and costly problems later on. It is advisable to entrust a group of your possessions to a person than listing down which item will go to whom. It saves time and is more efficient, reasonable and sensible.
Retirement | Wills
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Retirement Activities
Retirement doesn’t mean the end of an active lifestyle. Quite the contrary, it opens up new opportunities for many new activities. Some retirees substitute voluntary community work for their former work. This gives definition or meaning to their roles after retirement.
There are various activities that could be involved after retirement.
Household work, volunteer work, family roles and community service actually increase after retirement. The familial roles of grandparents increase because of the expanded time available for travel.
The skills and knowledge acquired before retirement have value in the life of a retiree. Even if learning something new education and training affects the ability to do various activities at retirement. Lack of skill and a low literacy tends to limit the leisure activities of retirees.
A very difficult task to prepare for later on in life is the ability to cope with losses that increase as people get older. The productivity is the first loss in retirement but adjustment usually is short. Loss of a spouse generally has the biggest impact, and in general is the hardest to anticipate unless a terminal illness is diagnosed before death. The best preparation for a loss of spouse is to work on a sense of independence and self-reliance.
The two biggest concerns for retirement living were security of finances and health coverage. This is according to the GSA (Gerontological Society of America). Another great concern identified was isolation or lack of social support for well-being and loneliness or lack of support for emotional well being.
Planning for retirement must have preparation for financial well-being, a social support network, a set of meaningful activities and health care coverage. All of these concerns actually relate to each other. When a retiring person has a sound financial plan, the person can buy adequate housing and health care coverage. Retirement lifestyle is a continuation of the person’s middle-age life.
A sound lifestyle can last a long while. Friendship and family can provide the support network later on in life. Retirement planning which includes developing economic and social skills cannot anticipate everything but provides a good foundation for enjoyment of life later on.
A successful retirement living includes the creation of a network of groups, family members and friends. Few people choose to be alone from the rest even if approximately forty four percent of women and roughly 18 percent of men aged 65 or older lived without relatives. Fifty percent of women above 65 were widows.
Retirement | Retirement Living | Retirement Planning
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Types of Retirement Benefits
Benefits constitute the most important spot when you reach old age. Different agencies takes business on this matter and most of them provides a comprehensive details and options to managing your life and take on a more secure, financially stable future.
Types of Retirement Benefits
There are many types of retirement benefits as there are many types of agencies to choose from in taking care of your hard-earned money from years of working. The government itself empowers workers from receiving Social Security benefits based on the number of years of contribution and benefits you already have taken advantage for.
Some of the types and sources of retirement benefits are outlined below:
· Social Security Benefits
· Disability Benefits
· Private Savings
· Veterans benefits
Social Security Benefits
Social Security allows more people to profit from its exclusive and wide-range benefits. It has long history of providing excellent social benefits to contributors while occasionally extending support to non-members as well through its various humanitarian programs. To date, more than 96% of the American populations are members of the Social Security System.
The number of years of contribution determines the rate at which you will receive your contribution in the future. Basically, the later you retire, the higher the amount of pension and retirement interest you will receive from your Social Security.
Currently, the recognized full retirement age is 65 though one can retire by 62 and 67. Unusual cases where early retirement is possible are discussed below.
Disability Benefits
Some people who became less capable to taking care of themselves or werephysically incapacitated due to a traumatic accident can apply for disability benefits. Some even are due to health issues.
The good thing about filing for disability benefits is that, you can get the full retirement benefits as received by others who have fulfilled the full retirement age, although this one requires full medical certification from one of the accredited Social Security Hospitals.
Private Savings
Private savings and pensions are another alternative for individuals who want to maximize their pensions and health care benefits when they reach retirement age. This type of retirement benefit alternative is usually expensive for they require longer and higher contribution.
Veterans Benefits
Veterans and their families are protected by law to receive certain dividends from the government for various health care benefit programs designed specifically for them. Veterans are required to contact their local federal agencies on how to avail of their earned benefits during their full career as members of armed forces.
Retirement | Retirement Plan | Retirement Planning | Retirement benefits
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