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Also, be aware of thesemistakes even smart people make in retirement.
So, to keep more of your money, its useful to plan ahead.
Another issue is missing out on tax planning when it comes to passing money on to families.
Giving money to charity could also potentially be better optimized from a tax perspective.
The good news is that some aspects of improving your tax situation dont have to be overly complicated.
Retirees with $3 million+ in savings may be holding themselves to needlesslystrict spending standards.
This issue can be an emotional one, not just a financial matter.
Your children or heirs may be set to receive a significant amount of wealth after you pass away.
And because these issues arent strictly financial, that can help when it comes to starting these conversations.
You dont need to lead with details about your financial life and wealth that you arent comfortable sharing.
Instead, launch the conversation as a simple discussion of wishes at the end of your life.
Do you know where you want to live as you age?
What plans have you put in place in case of medical incapacity?
What and where is the key information your heirs need if something happens to you?
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