Florida Estate Planning: Easing Into Retirement
While the economy has made it necessary for many Floridians to delay retirement, there are many who are looking for ways to ease into retirement – cutting back on hours or finding a part-time job that will allow them enough time to enjoy some of the activities they have long anticipated enjoying once retired.
A recent U.S. News & World Report article provides the following tips for entering retirement in phases:
Rework your schedule. Some employers actually have a phased retirement schedule for older workers, but most are designed by workers and managers themselves. Talk to your human resources manager about what might be available to you, including mentoring younger workers who can benefit from your experience.
Rework your pay. Fewer hours generally means less pay. Be sure you consult with your estate planning attorney or financial planner to determine how much of a salary cut you can afford and still maintain the retirement lifestyle you want in the future.
Check pensions. If you have a pension, make sure it will not be adversely impacted by cutting back your schedule.
Health insurance. If you do not yet qualify for Medicare, you should check to see if your company’s health insurance policy will still cover you if you work part-time.
Social Security. You can still work and claim Social Security benefits at the same time, but some of those benefits will be withheld if you earn too much. Go here to determine how much of your benefits might be withheld.
If you would like more information on transitioning into retirement, contact our Jacksonville estate planning law firm.
