gmhTODAY 07 gmhToday Mar Apr 2016 - Page 83

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 GILROY • MORGAN HILL • SAN MARTIN MARCH/APRIL 2016 83