Although retirement involves more than just saving money, it’s undoubtedly the more significant part. This stage requires careful planning of both financial and legal issues that will come up the moment you stop working.

That’s why it’s best to hire an attorney decades before you retire since they equip you with all you need to know for a smooth transition. It could entail working with a financial advisor and legal advice from an experienced attorney.

Here are five reasons to hire an attorney decades before retirement:

1. Declare bankruptcy as early as possible

A common mistake people make is declaring bankruptcy when retirement is merely a year away. In such a scenario, there’s not enough time to save, especially for individuals with monthly payments that exceed their incomes.

While bankruptcy may be the last thing you might want to do, it gives you a chance to start with a clean slate. In addition, by declaring bankruptcy early, you have a better chance of building up some retirement savings.

2. Create an estate plan

As long as you have substantial assets, creating a will or estate plan is something you shouldn’t overlook. That ensures you protect your assets by listing people you trust as beneficiaries.

If you have been divorced, taking time to update your beneficiaries will ensure your ex doesn’t get your assets unless made clear by you. While leaving your ex with nothing is tempting, such revenge is not always recommended as you could reconcile at the very last minute.

3. Review your employer retirement agreement

If you have an employer-provided retirement plan, you might need to contact an attorney to help interpret the plan benefits and the terms of the agreement. Please note that some agreements can go beyond death to provide spousal benefits.

Some plans also give you the option to take a lump sum, yearly or monthly payout of benefits.

4. Social Security / Social Security Disability

Because the workforce is becoming increasingly mobile, fewer employers are less interested in offering employer-sponsored retirement plans. So most people rely only on social security for regular monthly income.

On the other hand, if you’re unable to work for an extended period due to a disability, you may be eligible for a social security disability.

However, it’s a complex system, especially when you want to determine if you qualify when you can start collecting, and the most advantageous time to collect. That is why working with an attorney regarding your retirement plans is best. So go ahead and give us a call or fill out our contact form to book an appointment.