It is common for clients to revisit their estate plans when they reach their mid-60s. People start to realize that they are entering into old age and want to make sure they are prepared for what is to come. The first thing this article discusses is the importance of planning for living arrangements in case there is ever any physical decline. Another thing to decide on is when to start taking social security benefits. The medigap policy with Medicare is another thing that needs to be planned for. Senior citizens may at one point need long term care so it is essential to have a retirement plan in place that will address all of the emotional and financial needs of a person who may need long term treatment.
See Lawrence Frolik and Bernard A. Krooks, Confronting the Realities of Planning for Later Life, Wealth Management, September 10, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.
