Take a best guess based on your current circumstances and goals. Applying these three recommendations individually or in combination is a great way to simplify the retirement planning process and can help you get a ballpark estimate of how much you’ll have to save. These three rules-of-thumb can be helpful for estimating your needs, though remember that they’re general rules that retirement income strategies may not be right for every person or situation. With a solid retirement plan in place, you’ll have a roadmap to follow throughout your working life. Figure out when your retirement will start and how long it might la

You can name a third party, such as a trustee, to oversee money or assets until the child is old enough to manage their inheritance themselves. In addition, remember that retirement income strategies they don’t have to be the person managing a child’s inheritance. If no guardians are named in your estate plan, a probate court a may appoint guardianship for yo

If you contribute to a 401(k), its flexibility gives you choices as you go through life. The Color of Money Risk Analysis assesses your financial picture and provides a roadmap to your overall risk preferences. We can help with individual health plans to fill the gaps before Medicare when they occur. We can assist you with Medicare supplemental insurance plans, Medicare Advantage Plans, and Part D Prescription Drug Plans. We are here to help you with your initial Medicare needs or to review your current coverage. Individual Healthca

You can choose multiple beneficiaries and dictate how you want your estate divided up. Selecting beneficiaries and recording how you want your estate to be distributed among them can help prevent a legal battle between your beneficiaries. This will help you take stock of exactly what you have to pass on to heirs and document key information so your family has a record of accounts and property. Discussing the end of life and what happens to your assets is never an easy conversation to have, especially with family. Consult your tax, legal, or accounting retirement income strategies professional regarding your individual situation. Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advic

The key documents in most estate plans are the will, trust (if desired), power of attorney, living will or healthcare proxy, beneficiary designations, guardianship designations (if needed), and letters of instruction (if desired). It allows you to control your assets while alive and, in most cases, ensures that your beneficiaries will avoid the hassles of the probate process when you pass. Often, a trust is used when the beneficiaries — including minor children — won’t be able to manage their inheritance on their own. A trust names a trustee(s) who is legally responsible for effectively managing assets within the trust and distributing your assets to your beneficiaries according to your instructions. While a trust is not essential, many people choose to create one for the flexibility it offers. A will is an essential legal document that outlines your wishes about asset distribution, your choice of executor, and guardians to be appointed for any minor childre

Legally, the trust holds the title, but practically, you remain in charge while you’re alive in your capacity as the trustee. This means you can buy, sell, or use the property just as before. The term revocable means you can change or dissolve (“revoke”) the trust at any time. But what exactly is a revocable trust, and is it right for you? Estate planning is about more than deciding who receives your assets when you pass away — it’s about creating a smooth process that protects your loved ones and your wishes. This article is intended to provide general information only and does not describe any specific MetLife product, service or featur

Why Choose a Revocable Trust? Sometimes sorting out relative pros and cons of trusts is helped by having an experienced professional sit down with you and take a look at your specific situation. However, because a revocable trust does not offer the same level of tax advantages or asset protection, it may not be suitable for those with significant wealth or specific liability concerns. By understanding these options, you’ll be better equipped to choose the trust structure that best aligns with your financial goals and family needs. We’ll explore the benefits of two popular types of trusts—revocable and irrevocable—and outline how each offers unique advantages for asset protection, control, and flexibility in down-to-earth language. When planning for the future, both protecting your assets for the benefit of you and your loved ones AND ensuring they’re managed according to your wishes are essential considerations. While revocable living trusts provide estate planning benefits, they don’t offer tax advantages on their ow

As the name suggests, a revocable living trust can be altered or revoked by the grantor at any time during their lifetime if their circumstances change, so long as they’re mentally competent. Unlike a will, which only takes effect after a person’s passing and requires probate, a trust is often active during the grantor’s lifetime and can help avoid the need for probate. For individuals who prioritize protecting assets from creditors, minimizing estate taxes, or preserving family wealth across generations, the benefits of an irrevocable trust often outweigh the lack of flexibility. If you prioritize adaptability and the ability to manage your assets during your lifetime, a revocable trust may be the best choice for your estate pla