When creating an estate plan, there are many assets to consider. Most people think about their homes, retirement accounts, and heirlooms, but they often overlook one vital thing: their digital lives. Today, we manage so much of our personal lives through digital accounts, and a username and password combination safeguards our activities and keeps our data secure. Two-factor PROTECT YOUR DIGITAL LEGACY LEAVE BEHIND A PATH FOR YOUR LOVED ONES
But what happens to this data after you pass? Will your family know how to access it and therefore log in to your most valuable accounts? How can you make sure the right people have access to your passwords and digital data without making yourself vulnerable? And is this necessary? Find out here! CREATE A DIGITAL LOG. You must keep a record of all your digital profiles and login information for your loved ones before you pass. You’ll help your family avoid having to jump through hoops with various companies just to retrieve your data after you’re gone. Anything from the cable company to your bank login needs to be recorded. Then, be sure to tell your family this information exists and how to find it. USE A PASSWORD MANAGER. Because passwords are necessary, companies have created password managers to keep all of your login information secure. But not all managers are alike. The most secure options are
cloud-based managers, which allow access from any location, and those that require two-factor authentication, which may use a fingerprint or a code sent to the phone number on file. There are many password managers to choose from, so start by doing your own research. Wired recommends 1Password for those just starting out! TALK TO YOUR ATTORNEY. If you opt out of using a password manager, an estate planning attorney can incorporate your digital logins into an estate plan. This will keep your data secure and accessible by those who need it after you pass. And even if you do utilize a password manager, it’s wise to notify your estate planning attorney. They will become your family’s go-to resource for guidance after you pass. As with any action you take regarding your estate plan, consult with a professional you trust before making a decision.
authentication — a second step to logging in — keeps our data even more secure.
Safe Travels PLANNING FOR YOUR
urge all of our clients to prepare for the future, we usually recommend a second method. Those who still have years left to prepare would do well to consider their travel goals in advance. RETIREMENT ADVENTURES
The jet-setting retiree has become a cliche, but it’s for a good reason. The 2020 Annual Transamerica Retirement Survey found that 67% of Americans intend to travel after retirement, and a study by Fifth Third Bank pegged the number even higher at 81%. But that same Fifth Third study revealed that 21% of respondents had no plan for how to fund their trips. We never want our clients to fall into this trap. If you have already discussed your dreams of travel with your financial advisor, you’re in good hands and already set on a path to meet your goals. But those who haven’t disclosed their travel plans should do so as soon as possible. Travel in retirement doesn’t just happen — it takes careful planning and a sound investment strategy. There are two primary methods retirees use to cover travel costs. The first is to budget for your projected expenses in retirement and then subtract them from your total annual income from all sources. The leftover amount can be set aside as an annual travel fund.
If you are pre-retirement and already travel, your existing budget is a great place to start. First, determine how much you spend now on trips, and then ask whether you intend to travel more or less once you retire. If you’re not already traveling, it’s time to research the cost of the trips you want to take. Consider whether you want your retirement travel to be lavish or budget- friendly, domestic or international, and regular or infrequent. Include the cost of all expenses,
including food, transportation, lodging, and — since Medicare usually does not cover foreign health care — travel insurance.
Once you know your ideal budget, Patriot Wealth is prepared to help you live out your dreams. Schedule an appointment to discuss your modified goals, and we’ll be happy to review your options. Our goal is to design your plan to fit your lifestyle, whatever your changing needs are.
This strategy is often the most prudent option for those who have retired without an alternate travel plan. But since we
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