When it comes to retiring, there is a lot of preparations that many people approaching the Golden Era do not realize their extent. Many of these documents need to be signed and notarized before they are sent in to be processed. In an effort to help you be more prepared we will look at the common documents associated with retirement.
Beneficiary Designation Form
When you pass from this life, you are allowed to name a beneficiary for many accounts like 401(k)s, annuities, Individual Retirement Accounts (IRAs), and insurance policies. Even if the will is more accurate and up to date, many people don’t realize that those designations take precedence over their will. Prior to retiring to make sure that they accurately reflect your wishes, it is important to review the beneficiary designations on all your accounts, in addition to your aging parents if you are helping them with their finances because of this stipulation. To ensure that your designations not only pass property to the correct people as well as minimize expense and taxes, meet with your financial adviser and estate planning attorney.
Though there are still many people covered by them, defined benefit pensions have become less common over the years. The details of the plan will be spelled out in the plan’s Summary Plan Description, if you have a pension at work. You should receive an Individual Benefit Statement that details the specific benefits that you have earned and are eligible for as well. In order for both you and your spouse to have a good understanding of how much income you can expect from the plan and what will happen to that income if the primary pension holder dies, make certain to review those documents as you approach retirement. You can consult your employee benefit’s department with any questions you may have. Through its Pension Counseling and Information, the Department of Health and Human Services offers help and advice to pension holders as well.
Health Insurance Documents for Seniors
There will likely be multiple sources for your health benefits during retirement. A few examples include long-term care policy, Medicare, Medicaid, or a Medicare supplement policy. Associated with each, be certain to retain benefit summaries, contact information, and policies. You will need to apply for Medicare if you have not filed for Social Security benefits by age 65, which you can do a few months prior to your 65th birthday. For Social Security applicants you will likely need to provide them with the same documents mentioned earlier when you apply.
Documents Needed to Apply for Social Security Retirement Benefits
When filing for retirement or survivor benefits, the Social Security Administration will need you to provide certain documents. Proof of citizenship if you were not born in the U.S., military discharge papers, a copy of your marriage license or divorce papers, Social Security card, a certified copy of your birth certificate, a copy of your marriage license or divorce papers, and a copy of your W-2 form or self-employment tax return for last year are a few documents likely required.
Investment Documents for Seniors
It is common for people to have their assets divided into many different types of accounts. They are or are not tax deferred. It is important to have current copies of your account statements as well as options or restrictions associated with each account when transitioning into retirement. This allows you to develop a distribution strategy that meets your needs while minimizing expense, hassle and taxes.
Notarized Documents in Argyle, Ponder, Krum, Sanger, Aubrey, Little Elm, The Colony, Corinth, Highland Village, Lewisville, Flower Mound & Denton County, Texas
When these and other documents need to be notarized to get your retirement underway in the Denton County, TX area, call Denton 24 Hour Notary to come to your location and have the documents signed and notarized.