Do you have a bucket list for retirement? If you’re not familiar, a bucket list includes all the things you want to do before you “kick the bucket.” Your list may include things like traveling the world, pursuing a new hobby or visiting friends and family.
Of course, to check every box on your bucket list, you’ll need to have a strong financial foundation as you enter retirement. That’s why you may want to create a preretirement bucket list that includes all the financial milestones you want to meet before you stop working.
You’ve no doubt worked hard during your career to save money and accumulate assets. Your estate may include investments, cash, retirement accounts, real estate and even personal property. While you may need to use some of those assets to fund your retirement, you likely also want to leave as much of your estate as possible to your loved ones.
Unfortunately, it’s possible that not all of your assets will be passed on to your heirs. In fact, a large portion of your estate could be used to pay for things like court fees, lawyer expenses, taxes and much more. Your family may end up with only a fraction of your estate.