Retirement , continued from page 41
about to embark on what could be the finest years of your
life. But remember, maintaining your financial security
doesn’t happen by accident. It requires examining your
current circumstances; identifying your goals and objectives;
developing a plan to achieve those goals and objectives; and
taking action to implement your plan.
government is requiring it – and if you don’t have a current need
for the income those distributions are providing, you could use
those dollars to purchase a life insurance policy. At your death, the
proceeds from your policy could be paid to your spouse, replacing
the value of the IRA assets you are passing to your children or
grandchildren; or they could be paid to your children or grand-
children for the purpose of satisfying any estate taxes which come
due following your death. This strategy essentially allows you to
pass your IRA assets on intact to heirs other than your spouse.
(There are a variety of ownership arrangements relative to your
life insurance policy that could also help keep the proceeds out
of both you, and your beneficiary’s taxable estate. A qualified tax
professional can advise you in this matter.)
If your big day has finally arrived — congratulations. You’re
* The required beginning date for qualified plans under IRC Section 401(k),
401(a) and 403(b) is the later of April 1 of the calendar year following the cal-
endar year in which the employee attains age 70½ or April 1 of the calendar
year following the calendar year in which the employee retires. Employees who
are more than 5 percent owners of the employer sponsoring the plan must follow
IRA rules and begin taking RMD at 70½ even if still working.
This information should not be construed as tax advice applicable to each
individual. Please consult a qualified tax advisor regarding your individual
circumstances.
Boomers , continued from page 78
car, not the key. I will probably have 20 copies hidden every-
where.” We laughed about it but really, we all need to think
about how we can make it easier for our family members to
oversee our care if we no longer can.
• Ask your parents if they have a DNR or an Advance
Healthcare Directive or POLST? Consider reviewing the
paperwork with them. If they haven’t taken this step, perhaps
you can encourage them to take this important step by
sharing with them what your own end-of-life wishes are.
PARENTS – if you are reading this, make it easier on your
loved ones. Age with an attitude by preparing for your future.
My parents had rituals when they reached a certain age. When
it’s my turn, I am going to open a bottle of champagne and
share my wishes, printed on golden paper, symbolizing my
desire to age with an attitude… the way I want to. How
about you?
• Ask your parents about their wishes regarding end-of-life
decisions, including burial vs. cremation, memorial service,
funeral arrangements, obituary, bequests. If they have
documented any of this, ask them where they have filed
the information.
I told my son, “When it’s time for me to stop driving, take the
Presented by the
Gilroy Assistance League
Friday, May 6 TH and Saturday, May 7 TH 2016
Check In Between 10AM - 2PM
Hors d'oeuvres & No-Host Wine Tasting
Home & Garden Décor Boutique
100% of all proceeds benefit our local youth
Tickets: $30 in advance; $35 at the door
www.gilroyassistanceleague.org
GILROY • MORGAN HILL • SAN MARTIN
MARCH/APRIL 2016
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