• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Unsworth LaPlante, PLLC

Vermont Estate Planning Attorneys

Vermont: (802) 879-7133

Attend A Free Workshop
  • Home
  • Our Firm
    • About Our Firm
    • Meet Our Team
    • What to Expect When Working with Us
  • Services
    • Estate Planning
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Medicaid Planning & Elder Law
    • Pet Planning
    • Special Needs Planning
    • Trust Administration
    • Young Families Planning
  • Resources
    • Articles
    • Elder Law Reports
    • Elder Law Resources
      • Burlington
      • Montpelier
      • Rutland
      • St. Johnsbury
      • White River Junction
    • Estate And Gift Tax Figures
    • Free Estate Planning Worksheet
    • Frequently Asked Questions
      • Elder Law
        • In-Home Elder Care
        • Medicaid
        • Planning for Long-Term Care
      • Estate Planning
        • Business Succession Planning
        • Estate and Gift Tax
        • Estate Planning for Blended Families
        • Estate Planning for Parents
        • FAQs for Families Without an Estate Plan
        • LGBTQ Estate Planning
        • Taxes on Inheritances in Vermont
      • Incapacity Planning
      • IRA & Retirement Planning
      • Gift, Estate, and Inheritance Taxes
      • Legacy Wealth Planning
      • Philanthropy and Estate Planning
      • Pet Planning
      • Revocable Living Trust
      • Special Needs Planning
      • Trust Administration
      • Trusts
      • Wills
    • Is Your Estate Plan Outdated?
    • Medicaid Resources
      • Medicaid Analysis Worksheet
      • Medicaid Guide
      • Vermont Medicaid
    • Newsletters
    • Presentations
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Estate Planning for Niches
    • SECURE Act
    • Top Estate Planning Techniques
  • Webinars/Seminars
  • Reviews
    • Our Reviews
    • Review Us
  • BLOG
  • Contact
Home » Practical Retirement Planning Tips

Practical Retirement Planning Tips

May 5, 2022 by Stephen Unsworth

Essex Junction estate planning attorneys

Ideally, both estate planning and retirement planning should begin as soon as you enter the adult work world. Throughout your life, those two plans may remain separate but intertwined. The closer you get to retiring, the more those two plans will necessarily merge. For now, however, the Essex Junction estate planning attorneys at Unsworth LaPlante, PLLC offer some practical retirement planning tips.

Tips To Make Retirement Easier and More Financially Secure

The idea of retirement may seem a long way away for you if you are just entering the work world; however, the earlier you begin planning for retirement the more financially secure you will be when the time comes to retire. In fact, you might be amazed to find out what a huge difference it makes to start saving earlier in your working career. Of course, it you are still relatively young you may not know much about retirement planning. To ensure that you are on the right course with your retirement planning, you should consult with both your estate planning attorney and your financial advisor on a regular basis. For some overall guidance, however, consider the following practical tips:

  • Educate yourself. Unless you happen to be a financial advisor, there is a lot you probably don’t know about investing and financial planning. Take some time before you create your retirement plan to educate yourself about basic investment concepts and lingo.
  • Take advantage of employer sponsored options. Although the days of fully funded pensions are all but gone, most medium to large employers (and even some small ones) offer some type of retirement plans for employees, such as a 401(k). If yours does, take advantage and match your employer’s contributions.
  • Consider an IRA. An Individual Retirement Account (IRA) is like establishing your own pension fund. An IRA can also offer significant tax advantages as well if you choose the right type.
  • Set up automatic deductions. You may have heard the expression “pay yourself first.” This is an excellent mantra for retirement planning purposes. Moreover, if you set up deductions to come out of your paycheck before you ever see the money, you will be less likely to miss the money. After a while, you will likely forget anything is being deducted.
  • Make money difficult to reach. The more hoops you must jump through to get money out that is meant for retirement, the less likely you are to disturb it. With that in mind, put your money in investments or in accounts that are not easy to get to so that you are required to think about it before taking the money out.
  • Diversify your assets. You have probably heard the saying “don’t put all your eggs in one basket.” This applies to retirement planning. While long-term investment strategies are generally a good idea when it comes to retirement planning, you should also have some cash on hand and never put all your investments into one fund or one account. No matter how safe a fund/account may appear, nothing is completely recession proof nor is there ever a guarantee of quality management.
  • Make sure you understand fees. New investors frequently get hit with large fees because they don’t know what is customary in the industry. Those fees can add up over the years. Take the time to first figure out the fees you are paying and, second, to find out if they are in line with the norm for the type of investment or service.
  • Pay down debts. The closer you get to retiring you should focus more on paying down large debts, such as your mortgage. Not only does that increase the value of your assets but it also reduces your monthly expenses and reduces the amount of interest you pay over the long run.
  • Consider delaying Social Security benefits. The increased amount of your monthly Social Security retirement benefit can be significant if you are able to delay your retirement just a couple of years.
  • Merge your retirement plan with your estate plan. This should be done early on to ensure that the two plans are compatible and that decisions made in one plan do not conflict with objectives in the other plan.

Contact the Essex Junction Estate Planning Attorneys

For more information, please attend one of our upcoming FREE webinars. If you have questions or concerns about retirement planning and how it relates to your estate plan, contact the experienced Essex Junction estate planning attorneys at Unsworth LaPlante, PLLC by calling 802-879-7133 to schedule your appointment today.

  • Author
  • Recent Posts
Stephen Unsworth
Stephen Unsworth
Stephen A. Unsworth is admitted to practice in both Vermont and Maine, and has more than 30 years of experience in estate planning and business law. His mission is to provide quality estate planning services, including assistance with Living Trusts, Wills, Medicaid Planning, Probate, Trust Administration, Powers of Attorney, Special Needs Planning, and Family Limited Partnerships.
Stephen Unsworth
Latest posts by Stephen Unsworth (see all)
  • Does My 401(k) Account Count for Medicaid Eligibility? - October 20, 2022
  • Senior Care Options - October 18, 2022
  • Is an Oral Will Valid in Vermont? - October 13, 2022

Filed Under: Retirement Planning

Other Articles You May Find Useful

Essex Junction elder law attorney
Best Countries for Retirement
Social Security Retirement Benefits – How to Decide When to Retire
Essex Junction estate planning attorneys
How Does Vermont Rank for Retirees?
retirement planning
Weigh the Impact of Taxes During Retirement
Social Security reform
Biden Would Like to Reform Social Security
Secure Act
An Overview of Proposed Secure Act 2.0

Primary Sidebar

Elder Law and Medicaid Planning Attorneys

Unsworth LaPlante, PLC

DOWNLOAD OUR FREE ESTATE PLANNING WORKSHEET

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

  • This field is for validation purposes and should be left unchanged.

Follow Us

  • Facebook
  • Instagram
  • LinkedIn
  • Twitter
  • YouTube

Blog Subscription

Sign up to Unsworth LaPlante's estate planning blog to receive all the latest news and updates.

  • This field is for validation purposes and should be left unchanged.

Essex Junction, VT

26 Railroad Ave
Essex Junction, VT 05452
United States (US)
Phone: (802) 879-7133
Fax: (802) 879-0408

Map

unsworth_sidbr_map

Office Hours

Monday8:00 AM - 4:00 PM
Tuesday8:00 AM - 4:00 PM
Wednesday8:00 AM - 4:00 PM
Thursday8:00 AM - 4:00 PM

Footer

footer-logo
  • Facebook
  • Instagram
  • LinkedIn
  • Twitter
  • YouTube

The information on this Vermont Attorneys & Lawyers / Law Firm website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. This information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

American Academy of Estate Planning Attorneys, Inc. Privacy Policy | Contact Us | Disclaimer | Site Map | Powered by American Academy of Estate Planning Attorneys

© 2023 American Academy of Estate Planning Attorneys, Inc.