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Post-Retirement Planning

"Planning for retirement is not something that you can put into place and leave on autopilot," says Diane Pearson, an advisor at Legend Financial Advisors in Pittsburgh. "As you age, your situation and your financial and long-term goals change."

With help from several members of the National Association of Personal Financial Advisors, we've put together the following checklists to help you with your post-retirement planning.

Ages 70+

  • Make sure your will and estate planning documents reflect your current wishes.
  • Live within your budget so you don't outlive your assets.
  • Once you reach age 70½, you must begin taking withdrawals from your IRAs and, in many cases, your employer-sponsored retirement plans—except that in 2009, the required distributions have been suspended. The administrator of the retirement plan or IRA should have beneficiary forms available if you'd like to name a Genesis Foundation as beneficiary of all or a percentage of your account.
  • Decide whether your current home will meet your needs in the future.
  • Discuss finances and other important issues with a trusted advisor.
  • Tell close family members where you keep vital papers, and let them know your final wishes on important matters.
  • Update a health care power of attorney, which allows you to designate another person to make medical decisions if you are incapacitated, and a living will, which deals with end-of-life situations.
  • Take pride in reaching age milestones. Enjoy your family and friends.

Moving Forward
No matter what your age, fulfilling your philanthropic goals works hand-in-hand with a sound retirement plan. Call Steve Goebel, CFRE at 309-281-4392 or for more information best suited to your charitable goals and your stage in life.

Copyright © The Stelter Company, All rights reserved.

The information on this website is not intended as legal or tax advice. For legal or tax advice, please consult an attorney. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes apply to federal taxes only. State income/estate taxes or state law may impact your results.

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