California Estate Planning Attorney Details 5 Things to Pay Off Before You Retire

10:37 pm Asset Protection, Estate Planning, Retirement Planning

pay off 150x150 California Estate Planning Attorney Details 5 Things to Pay Off Before You RetireRetirement is so much easier if you don’t have significant expenses to worry about on a regular basis.  Here are five things you should definitely try to pay off before you retire:

Mortgage:   Usually 30-40 percent of an average America’s monthly expense, paying off your mortgage before you retire will free up a lot of extra cash for doing what you really want to do.

Major home repairs:  Inventory your home and make a list of the repairs you’ll need to make over the next 15-20 years – a new roof?  A kitchen remodel?  A new air conditioner?  Plan for it in advance by setting money aside as part of your retirement planning.

Minor repairs:  If you’ve been living in the same house for decades, it may be time to consider an update – a fresh coat of paint, new window treatments or new floors will add value to your home if you decide to sell, and it’s easier to pay for it while you’re still working.

Cars:  In the current economy, most people are delaying purchasing a new car, which is a way to save in the short term.  However, if your current vehicle is on its last legs, you’ll either need to replace it before you retire or set funds aside in your retirement budget to cover the cost of a new one at some point.

Supporting the kids:  Many Baby Boomers will be reaching retirement age at the same time their children are going off to college.  Plus, many children who have graduated are flocking back to the nest.  If your children are not self-sufficient, you will need to take into consideration when they will be and how much you will be involved in getting them there.

Contact us today for individualized planning strategies to meet your unique needs.

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