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Escalating Costs in Retirement: What to Plan For

Hopefully you have met with your Florida estate planning attorney to plot out a comprehensive retirement plan; if not, here are some things you need to plan for:

Health insurance – Even if Medicare will be covering most of your health care costs, you will still need to pay Medicare Part B premiums, which can range from $134 to $428 per month.

Deductibles and co-pays – Retirees often choose a higher co-pay rate or deductible to keep their costs down. However, you should assess your health care needs carefully before electing this route or you could end up paying more out-of-pocket than you planned.

Prescription drugs – Navigating all the choices for Medicare Part D prescription drug plans can be an overwhelming task for many retirees. Some national pharmacy chains are now providing free Medicare reports based on prescription history that can help you decide.

Long-term care – Since Medicare Part A only covers the first 20 days of care, long-term care patients are responsible for paying a sizeable portion for the next 80 days and then everything after that. A Florida estate planning attorney can help you explore options to cover what could be significant long-term care costs.

Lifestyle – If you plan to travel more, you need to plan for those costs. Retirement also means more hours to fill with leisure pursuits, so if there is a cost attached to that – golf course fees, club memberships, etc. – it should be part of the plan.

Gifts – Being blessed with children and grandchildren means you will likely enjoy your retirement more – but it also means you will need to plan for the cost of gift giving on holidays and birthdays. Of course, many seniors find ways to give more of their time and spend less money by making celebrations about shared experiences instead of expensive gifts.

Household help – Include costs for any household help – house cleaning, yard work, maintenance – that you may not be able to do yourself.

Taxes – The IRS requires retirees to pay income tax on traditional IRA and 401(k) distributions. After age 70 ½, you must also take the required minimum distributions or face being hit with a 50 percent tax penalty on the amount that should have been withdrawn.

An experienced Florida estate planning attorney can help you with proven strategies to protect your finances and your family. To learn more, contact our Florida law firm for a free consultation.
Categories: Retirement Planning
dorcey law firm
The Dorcey Law Firm, PLC - Fort Myers Attorney
Located at 10181 Six Mile Cypress Pkwy, Suite C, Fort Myers, FL 33966
Phone: (239) 330-6674
Local Phone: (239) 418-0169
Website: http://www.dorceylaw.com
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