Nancy Schlossberg had spent a career studying adult transitions—life changes ranging from relocation to divorce to job loss—when she undertook some major transitions of her own. She retired from her post as professor of counseling psychology at the University of Maryland and, with her husband, moved to Sarasota, Florida. She had a vague idea that she would find new, non-teaching work there. “I thought it would be a piece of cake,” Schlossberg recalls. “I expected the world would want me to come work for them, and it didn’t happen. I was in a state of shock.”
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The 1960s television show Leave It to Beaver featured the Cleavers, a traditional family, with dad going to work each day and mom staying home with the children. Hijinks ensued each episode with the youngest son, Theodore “Beaver” Cleaver, always getting in a sticky situation. As with most television shows, it reflected the times in which it was made. Simply put, men earned a living and women raised children.
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Selecting beneficiaries for retirement benefits is different from choosing beneficiaries for other assets such as life insurance. With retirement benefits, you need to know the impact of income tax and estate tax laws in order to select the right beneficiaries. Although taxes shouldn’t be the sole determining factor in naming your beneficiaries, ignoring the impact of taxes could lead you to make an incorrect choice.
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About 87 million U.S. households own some form of life insurance. “However, too few policies are being analyzed to make sure that the insurance matches the policyholder’s needs,” said Mike Molewski, CFP®, principal and financial advisor at CAPTRUST’s Strategic Advisor Group in Bethlehem, Pennsylvania. “When a professional advisor conducts a thorough life insurance review, clients often reap substantial benefits.”
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It pays to plan ahead.
Creating an estate plan that avoids probate is an extra gift you can leave your beneficiaries. It can save them time and trouble, reduce costs, and protect everyone’s privacy, says attorney David A. Burns, a board-certified specialist in estate planning and probate law in Raleigh, North Carolina.
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Transitioning to retirement is a big life adjustment, one fraught with mixed emotions and moments of uncertainty. The goal is not to deny that you are having these feelings, but to proactively address these concerns and discuss them with your partner. Advisors who view retirement holistically see this as part of their role. “If we can take the financial burden off their plates, then we have done our job, allowing them to focus on the other aspects of transitioning to retirement,” says Aaron J. Morris, a CAPTRUST financial advisor in Des Moines, Iowa.
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