Retirement Plan or Estate Plan: What's the Difference? - Wylkan Estate Planning & Certified Elder Law
 

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Retirement Plan or Estate Plan: What's the Difference?

December 03, 2020

People often confuse retirement planning with estate planning, and for understandable reasons: they associate both types of plans with their “Golden Years,” causing them to put off making arrangements for both. However, taking initiative to put these plans in place with expert help will not only benefit you and your family down the road, but give you peace of mind today.

Retirement Planning

How will you support yourself once you exit the workforce? Will you have enough income to travel or pursue your interests, or will you just barely scrape by? Will you live independently, or will you have to rely on relatives to support you? A good retirement plan ensures you can live the life you imagined for this special season.

Questions to consider when thinking about retirement:

  • What kind of income will you receive in the form of Social Security payments or a pension?
  • How will your healthcare needs be met?
  • How do you envision spending the time you previously devoted to working? Will you live close to family or friends?
  • What type of estate plan will you put together? 

Estate Planning

Did you know that estate planning is actually part of retirement planning? Think of your estate plan as one piece of the big picture of your later years.

Specifically, the estate plan refers to the time you are deceased or otherwise incapacitated, such as in the case of a serious illness. It ensures that your wishes will be met in terms of medical care and that your hard-earned wealth will remain intact as it passes to your loved ones. Without a plan, the government steps in to call the shots.

Questions to consider when estate planning:

  • What are your total assets, including accounts, investments, real estate, and high-value items such as boats or RVs? What assets may you have recently bought or sold?
  • What kind of end-of-life care would you like to receive if you are not able to make a decision about your medical care?
  • Do you have nursing home protection in place?
  • How will you minimize estate taxes? 
  • What non-monetary parts of your legacy, such as your life experiences and core values, would you like to see passed on? 

As comprehensive retirement and estate planners, the experts at Wylkan Law can help you navigate all aspects of your retirement plan, including your estate plan, so that you and your loved ones can live with the reassurance that your wishes will be met. Avoid the confusion of government-directed probate by taking charge of your future today.


Learn more about estate and retirement planning through one of our free webinars. Click here to check them out. 

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