Other Aspects of Retirement Planning
1. Homeownership Dynamics: Retirees must reassess the role of their homes, once significant assets, now impacted by mortgage debt from equity loans. Deciding whether to retain or sell requires an unbiased evaluation within the broader retirement plan.
2. Asset Transition Strategy: Moving beyond wills, a comprehensive estate plan shields assets from taxes, aligning with evolving exemptions. The looming drop in the estate tax to $5 million by 2026 underscores the importance of forward-thinking approaches.
3. Navigating Tax Complexities: Post-retirement, tax implications become pivotal. Strategic use of Roth options and conversions, considering future income, demands professional guidance to optimize tax efficiency.
4. Comprehensive Insurance Landscape: Protecting assets in retirement involves scrutinizing Medicare adequacy, exploring supplemental policies, and considering annuities for a secure financial future.