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Estate planning important for retiring Washington, DC residents

Washington, DC residents may not realize that nearly 40 percent of the country's baby boomers believe they will never be able to retire and will die working. The traditional idea of retirement seems to no longer exist, which could make estate planning even more essential. Even at retirement age, options may still exist.

No magic amount of money or assets is needed to have an estate plan. Anyone with anything that could be passed on to loved ones after death qualifies. Making the most of tax benefits garnered from estate planning could increase the size of a new estate. Knowing exactly how much income will be generated in retirement and exercising caution with regard to spending are important considerations. Even if retirement comes late in life, it will need to be funded and planning for that eventuality can never start too soon.

Retirement can be more than just a fantasy. When the housing market collapsed, hundreds of thousands of investors around the country and in Washington, DC lost everything and had to start from scratch. Many people simply did not know where to begin because they were trying to reclaim the sometimes quite substantial amount of money he or she had previously.

In these cases, the old adage that every journey begins with one step may be appropriate. It is never too late to begin retirement and estate planning. An estate plan is typically valuable in getting an individual's affairs in order in anticipation of death or a future incapacity. However, an estate plan may also give some hope and direction to people who believe they cannot retire.

Source: Forbes, Financial Planning In Retirement, Mitch Tuchman, Jan. 3, 2014

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