According to a recent study, Tennessee ranked at the top of a list of the 10 best states where retirees should spend their golden years. Tennessee is considered the best state for retirement based on its rating in several categories such as cost of living, taxes, health care, crime, and climate.
Retirees face many issues besides where to live that can have a huge impact on their finances and those of their families. The top five issues facing retirees today are:
- Proper estate planning: Making sure your estate planning documents are up to date is a top priority. With proper planning, you can leave your money to your heirs while avoiding probate altogether and avoiding estate taxes as much as possible.
- Proper financial planning: By engaging in financial planning, you can ensure that your money will outlast you and will also provide you with a steady stream of income no matter how long you live.
- Proper health care planning: Many retirees’ health care plans are being reduced. You should consider purchasing a long-term care insurance policy because the costs of nursing homes are prohibitive. Consulting with a health care planner will help you budget and know what you are up against.
- Protect yourself against illegal scams: Retirees often fall victim to illegal scams because they are easy prey. They are trusting and, let’s face it, these thieves can be convincing. If someone approaches you requesting money, consult with your children or a trusted friend before turning it over. If you’ve been the victim of a scam, don’t be embarrassed. It happens to many people. Consult with an experienced attorney to determine if you have any recourse.
- Quality of life: It’s important to keep active and stimulate your mind to maintain the best health. Some retirees also decide to live in close proximity to a child to maintain a support system for the best quality of life.
Whether you decide to retire in Tennessee or elsewhere, consulting an experienced estate planning lawyer and heeding these tips can help make your golden years truly golden.