When you look back at the nest egg you’ve accumulated over your working years, you are faced with a few tough questions. How much money should you spend in retirement? How much money should you set aside for your loved ones? Do you have a comprehensive estate and legacy plan built into your overall retirement strategy?  Even if you’ve always thought you were going to leave your family an inheritance, your financial situation changes and it’s important to be sure you’re making the right decision for you. This decision is based on your personal financial situation, goals and health, as well as the needs of your family. Then, from there, it’s all about proper planning with your trusted advisor to help better prepare your legacy for your loved ones when you pass.

The first step to figuring out the path that is right for you is to start by looking at your bills. Budgeting for your monthly expenses and unforeseen expenses like medical bills or housing costs can help give you a better picture of what you’ll need for yourself. Once you know roughly what you will be spending each month, you must figure out how you will pay for everything by creating a financial plan. Having a comprehensive financial plan is important because you could get stuck playing retirement catch up.

Next, you must understand what leaving a legacy means to you. Of course, you could leave a lump sum of cash to your children, but there are also other assets that need to be accounted for. When looking at your overall financial plan, don’t forget about estate and legacy planning in retirement. If you have a vacation home, you may decide to leave this to a loved one so that the family can still visit together. Some people also decide to leave a legacy by taking their family on vacations to spend time together before they pass. If you want to leave behind money, but are concerned that family members will not use it wisely, you can set specific guidelines in a trust. Also, if you have a loved one with special health needs, then you could set up funds that will help provide support in the future.

Lastly, if you still aren’t sure how you want to spend your nest egg and leave a legacy for your loved ones, then Click here to schedule your complimentary, no cost, no obligation financial review. Remember, you can still provide for your children or grandchildren while also pursuing your retirement dreams. All it takes is a strong financial plan to do so. At SHP Financial, we’ll sit down with you to create a plan that covers your needs and goals while also looking at the legacy you wish to leave behind.

The content presented is for informational purposes only and is not intended as offering financial, tax, or legal advice, and should not be considered a solicitation for the purchase or sale of any security. Some of the informational content presented was prepared and provided by tMedia, LLC, while other content presented may be from outside sources believed to be providing accurate information. Regardless of source no representations or warranties as to the completeness or accuracy of any information presented is implied. tMedia, LLC is not affiliated with the Advisor, Advisor’s RIA, Broker-Dealer, or any state or SEC registered investment advisory firm. Before making any decisions you should consult a tax or legal professional to discuss your personal situation.Investment Advisory Services are offered through SHP Wealth Management LLC., an SEC registered investment advisor. Insurance sales are offered through SHP Financial, LLC. These are separate entities, Matthew Chapman Peck, CFP®, CIMA®, Derek Louis Gregoire, and Keith Winslow Ellis Jr. are independent licensed insurance agents, and Owners/Partners of an insurance agency, SHP Financial, LLC.. In addition, other supervised persons of SHP Wealth Management, LLC. are independent licensed insurance agents of SHP Financial, LLC. No statements made shall constitute tax, legal or accounting advice. You should consult your own legal or tax professional before investing. Both SHP Wealth Management, LLC. and SHP Financial, LLC. will offer clients advice and/or products from each entity. No client is under any obligation to purchase any insurance product.
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