New York Elder Law Attorney

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Areas of Practice
Advance Directives
Application for Nursing Home Benefits
Asset Protection
Charitable Planning
Community Medicaid vs. Long Term Care
Competency and Capacity Designations
Estate Recovery
Excess Income Trusts
Income Test
Inheritance and Estate Tax
Insurance and Financial Planning
Lawsuit Settlements
Life Care Planning
Long Term Care
Look Back Periods
Nursing Home Law and Litigation
Nursing Home & Assisted Living Facility Residents’ Rights
Patient Advocates
Pension Planning
Retirement Planning
Rules for Eligibility
Social Security
Special Needs Trusts
Supplemental Needs Trusts
Transfer Penalties
Veterans Aid & Benefits
Wills and Trusts

Steps to Retirement Planning

Are you nearing the age of retirement? Are you thinking ahead and planning early so you have a secure and comfortable retirement? Planning for retirement can be a strenuous and confusing process and many people don't know where to begin or who to turn to. That is why you need an elder law attorney to help guide you step by step through the process to ensure that nothing is left unresolved and you are financially secure in your old age. Starting at the very beginning, you and your spouse will have to be able to answer a set of questions and think ahead. For example, how much money do you want to have for your retirement? What will your standard of living be like once you stop working? What precautionary measures should you take to prevent certain risks? When can you retire and where would you like to retire? These are all things that must be considered before developing a thorough retirement plan.

Besides consulting with an experienced attorney, you yourself can also take steps to prepare for retiremen . Even though it is difficult to ponder, you must estimate how long you think you might live and set out several different possible retirement dates in case one is not practical. You and your spouse can make an active effort to improve your health in your later years in effort to prevent future medical costs and also to lengthen your lifespan and enjoyment out of life. If you are going to retire, wouldn't you rather feel healthy and have energy so you can get more satisfaction out of it? Since medical complications are eventually irrefutable, take time to calculate the costs of long-term care, insurance and any out-of-pocket medical costs that may come along.

Then it is time to take a look at your budget and where you will acquire income during your retirement years so that you can live comfortably. Attorney Steven Melnik is extremely knowledgeable in this area if you need financial and legal counsel to create your budget. When nearing retirement, you should take an inventory of all the financial resources you will have, this could include a 401(k) plan, pensions, insurance and social security You will need to determine approximately how much money you can expect to receive from social security and work off of that. Also take a look at ways that you can generate more money or invest your money during retirement to grow your income. Take a look at IRAs, home equity and social security, some people also choose to work part time at certain points throughout retirement as a buffer.

As part of the budget, along with your income you will also have to take a look at living expenses and what money will be going out. Consider things like food, housing, transportation, medical and entertainment costs among other things. Look at your monthly expenses now and consider how those will change after retirement, look at what cost might increase and how others will go down. Think about how you will manage your housing costs or the threat of high bills and ensure that your income and social security benefits will cover all of your expenses. If not, you may be able to apply for Medicaid talk to our legal team at the firm today to find out if you will qualify. Remember that circumstances can always change and life will throw you a curve ball so prepare for the future as best as you possibly can. When formulating your retirement plan, be sure to include your spouse throughout the process. Lastly, take this time in your lives to focus on what makes you happy so you can get the most out of your retirement.

Categories: Elder Law


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Melnik Law Group, PLLC - New York Elder Law Attorney
Located at One Rockefeller Plaza, 10th Floor New York, NY 10020 . View Map
Phone: (800) 517-5110