Income is at the heart of any retirement plan. In many ways, your financial stability in retirement depends on your ability to generate consistent income to support your expenses. If you’re like many retirees, you will likely depend on income from sources such as Social Security, employer pensions and your own savings.
Unfortunately, you may find that those sources don’t provide enough income to meet your needs. That could be especially true during times in which you face unexpected costs or volatile market swings. In those times, you may find it helpful to utilize supplemental income, preferably in a tax-efficient manner.
Thinking about one’s death may not be pleasant, but it’s important you take some time to figure out how your assets will be distributed in the event of your passing. Without a plan in place, it’s possible your assets could get distributed in a way that isn’t consistent with your wishes.
Have you recently get married? If so, congratulations! You and your spouse are probably enjoying your time as newlyweds and celebrating your new life together, so you may not want to take time right now to think about financial matters, especially with regard to estate planning.