Here at the Northern California Center for Estate Planning and Elder Law, we take our commitment to our neighbors in Orange County to heart. More commonly known as the “OC,” Orange County is recognized for its legendary beaches and theme parks and everything else that creates the California dream. Not just a beautiful and exciting place to visit, but also a special place to retire.
Forty-two miles of beaches and much more
Orange County is well-known for its phenomenal beaches, 42 miles worth, with so many fun-filled destinations to choose from, including the Disneyland Resort and Knott’s Berry Farm. There are also many art festivals and performing arts centers. If outdoor adventure is for you, Orange County parks provide expansive wilderness and nature parks and miles of trails and coastal preserves.
Orange County is also the location of lavish beach resorts and spas, where residents and visitors can easily indulge in outstanding cuisine created by award-winning chefs. Enjoy California’s produce and local seafood.
Be sure not to overlook the need for retirement planning
When it comes to retirement planning, Sacramento couples need to know it is never too late to start. If you believe that you can safely rely on your Social Security benefits, you might be unpleasantly surprised. Instead of taking that risk, be proactive and create your comprehensive retirement plan now. That way, you can relax and enjoy your retirement the way you always hoped you would.
Retirement is meant to be relaxing, but the thought of retirement for some may instead be stressful. A common concern many clients have is whether they will have sufficient income or savings to be able to have a comfortable retirement. Clients often wonder when they need to start saving and what is the best strategy. If you get your estate planning attorney to help with your retirement planning, you should be able to avoid most of the common mistakes.
It is important to begin to set aside sufficient savings as soon as possible
The sooner you start saving the more you will have accumulated by the time you decide to retire. If you want to have enough financial assets available when you retire, you need to open your savings account as soon as possible and start making regular deposits. The sooner you start, the more compound interest you will ultimately be able to earn.
Update your retirement plan whenever necessary to keep it current
It is essential to review your estate plan periodically, as well as your retirement plan. It needs to be looked over so you can make all necessary modifications as things change over time. It is very likely that you will need to make adjustments to your plan. For example, you may need to address changes in the market that may have an unfavorable effect on your investments. You may also need to amend your plan when there is a change in your income or expenses.
Recognize the potential for higher health care expenses in the future
Long-term care expenses are not the only thing you need to consider. Routine health care expenses can also be an issue, particularly if you fail to consider the fact that those costs will rise by the time you actually retire. While you may not necessarily need a nursing home, you could still require more frequent trips to the doctor as you age. A major goal of retirement planning is to be prepared for handling the increased costs of health care. However, if you fail to take into consideration the potential increased costs when creating your retirement plan, you will likely face financial issues during your retirement.
Keep your retirement goals reasonable so they are easier to achieve
A common concern for most clients is knowing exactly how much income or assets you will need to retire. It is certainly a challenge trying to determine what you will need to maintain your current lifestyle 25 or 30 years in the future. If you don’t get it right, you run the risk of having insufficient financial resources for retirement. On the other hand, if your goal is unreachable because you believe you need much more money than you really do, then you will be discouraged and likely accomplish nothing.
Thanks for taking the time to find out about our connection to Orange County. If you have questions regarding how retirement goals, or any other retirement planning issues, contact the Northern California Center for Estate Planning and Elder Law for a consultation, either online or by calling us at (916) 437-3500.