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What do health, retirement, and estate planning have in common?

While many Texans might realize the need to have a will or other estate documents in order, they might not realize how integrated many aspects of life are with estate planning. For example, health concerns and retirement go right along with estate planning when you begin to consider your later years and end of life.

Experts point out that retirement savings are becoming increasingly important because people are living longer at a time when retirement funds such as pension plans are becoming more rare. Although most Texans will draw some amount from Social Security during retirement, the stability of that fund has long been in question and the amount you receive might not be enough to cover your needs. That makes saving for retirement an important goal, and saving now means you are in a better position to create estate plans that provide for heirs and others as you would like to.

Another concern that goes hand-in-hand with estate planning and retirement is your health. The Social Security Administration reports that a quarter of people who were 65 years old in 2014 would live past the age of 90, and a tenth of those would live past the age of 95. Spending 25 or more years in retirement requires a lot of planning, and the status of your health can quickly slay any plans you carefully laid.

Since even healthy people can have health issues, consider the possibility when planning for your estate. Create living wills or other documents that instruct your loved ones on how you want to be cared for and who should manage your assets if you are temporarily or permanently incapacitated for health reasons.

Source: AARP, "Planning for a Strong Financial Future," accessed Oct. 16, 2015

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