Estate planning (writing your Last Will and Testament) and retirement planning are often tied closely together. As this country’s baby boomers reach retirement age, more and more people are contemplating their plans for their golden years.

Naturally, most people realize the importance of having an up-to-date estate plan as they get closer to enjoying their retirement. Although unpleasant, writing your will is something that everyone should do sooner rather than later.

If you’re planning for your financial future as you shift gears from the many years you spent working to the rewarding (and hopefully more relaxing) life led by retirees, keep in mind that all of your important policies and documents must be updated accurately. Any and all insurance policies that you own should clearly state the names of your beneficiaries.

It’s a good idea to double check all of your insurance policies before you actually retire. As we’ve all learned, aging brings along with it more health ailments that may require medical attention. In order to avoid racking up significant medical debt, talk to your Amarillo insurance agent about going over your health insurance policy so that you’re clear about your coverage after you finish working. For example:

  • Will you need referrals to see specialist physicians?
  • How much will your co-pays be during retirement?
  • What yearly deductible amount must be met before your benefits kick in?
  • Are treatments or medication for any of your current health conditions not covered under the health insurance policy you’ll have in retirement?

In addition to double checking your health insurance specifics, when writing your estate plan you should also review your life insurance coverage. In order to ensure that your significant other and anyone you’ve named in your estate plan will be adequately taken care of, make sure that you’ve designated the proper beneficiaries regarding your life insurance benefits.

In doing so, you’ll leave your loved ones with:

  • Less to stress about at a time when they should be able to focus solely on grieving
  • No reason to argue with each other (by leaving clear beneficiaries as well as instructions about your final wishes.)
  • The ability to maintain their current standard of living without putting a strain on them physically or mentally.

It’s so crucial that you review your life insurance beneficiary information on a regular basis. There have been many horror stories that resulted when the beneficiary details listed on a life insurance policy didn’t correctly reflect the policy holder’s wishes. Most often this happens by accident when the insured passes away before taking a close look at their life insurance policies.

Even if you aren’t sure that you’ve experienced any significantly life altering experiences that would warrant having a closer look at who is listed as your beneficiary, it is always a good idea to review your life insurance policy with your Amarillo insurance company around retirement age. Doing so will give you peace of mind that everything is set up for your loved ones just as you thought, giving you freedom to enjoy your retirement that much more.