Page 19 - Healthcare News Senior Planning Guide 2022

Pack a Parachute Before You Jump
Consider These Four Tips as You Prepare for Retirement
ABy Stephen Augstell, CFP
re you planning for retirement during uncer- tain economic times? Berkshire Bank’s Wealth Management team wants to make sure you are
prepared by providing four tips for seniors to consider. Planning is key when making a life transition like retire- ment. I suggest considering these tips on packing your proverbial parachute before you jump.
1. Organize and Assess Your Resources. Make
an accounting record of your savings, investments, retirement assets, and home equity; the total will help to determine how well you can sustain your current standard of living. Also, make sure you are taking the appropriate amount of market risk with your investments. Include all your sources of income you can expect to receive in retirement and consider when to start your Social Security retirement income. Benefits taken early are permanently reduced, while delaying can boost your income. Women live longer than men, so delaying your retirement benefit may prove vital in the years to come.
2. Determine Your Spending in Retirement. Understand how much you need and want to spend in retirement. Needs relate to costs that are non- negotiable, like food, shelter, and healthcare. Next, include and prioritize costs related to the things you want to do.
Include unexpected expenses such as caregiving. According to an AARP report , more than one in five Americans are caregivers, with 36% of them reporting
high emotional stress. This report also indicates that 61% of caregivers are women, and 39% are men. In addition, according to Blue Cross Blue Shield research, “the direct economic effect from the need for caregiving is estimated at nearly $44 billion through the loss of more than 650,000 jobs and nearly 800,000 caregivers suffering from absenteeism issues at work.”
3. Evaluate Your Credit Needs. Determine what type of credit tools you may need ahead of retirement; this way, you’ll have them if you need them, and you won’t have to ask for approval. If you have debt, consider what options you have to restructure the debt. You may wish to lower the cost or create a more affordable payment ahead of your retirement. In addition, you are entitled to a free credit report each year. Visit
www.annualcreditreport. com, which is the only source approved for credit reports by the Federal Trade Commission.
4. Establish and/
or Review Your Estate Documents and Beneficiary Designations. Review how your assets will pass to your heirs and determine if you want the assets to pass outright
or in trust. If you want to have some control over how beneficiaries use
your assets, a trust can help you accomplish this goal. Appropriate beneficiary designations can help to avoid probate. If estate taxes are a concern, lifetime gifting may be a simple means to mitigate the tax impact.
Our Berkshire Bank Wealth Management team provides comprehensive investment, financial planning, and fiduciary services to meet our clients’ unique needs and objectives. In line with the bank’s socially responsible mission, we require no minimum in assets to start a relationship.
We also recently launched the Center for Women,
Money
Continued on page 45
“Understand how much you need and want to spend in retirement. Needs relate to costs that are non-negotiable, like food, shelter, and healthcare. Next, include
and prioritize costs related to the things you want to do.”
At Berkshire Bank, We Believe...
Where You Invest Matters
Our Socially Responsible Investment (SRI) Portfolios further enhance Berkshire’s commitment to strengthen communities and fund environmental sustainability through its BEST Community Comeback.
SRI Portfolios feature:
· Start investing with any amount of assets.
· Mission-aligned companies with solid track records of
environmental and social performance.
· Companies with strong fundamental attributes that positively contribute to the long-term sustainability of communities.
With the experience and expertise of a team of purpose-driven professionals, Berkshire Wealth Management provides clients with investment, financial planning, education, and estate management solutions.1
Learn more at berkshirebank.com/sri
Please contact:
Holly Kresiak at 413.523.7922 First Vice President, Wealth Advisor
Banking products are provided by Berkshire Bank: Member FDIC. Equal Housing Lender.
1Investment products are NOT FDIC-INSURED, are NOT A BANK DEPOSIT, NOT GUARANTEED BY THE BANK, NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY and MAY LOSE VALUE. Rev. 8/22
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