Video: Retirement Planning vs. Estate Planning

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Retirement planning aims to secure financial solvency during retirement, but estate planning aims to save estate taxes and rights in the case of death. Learn the difference between estate and retirement planning from an estate planning and probate lawyer in this free video on estate law.

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Video Transcript

The difference in retirement and estate planning may not be that great, in some respects, and is huge in other respects. It's not great in some respects, because retirement planning is estate planning, to a large extent. How are we going to make sure we have enough money, honey, to get us from today through to the end of our life. And with estate planning, estate planners, or at least estate planning lawyers, typically don't worry so much about how much you've got. They want to make sure that if something happens to you--not death, but disability--you're going to be okay, and that there's plenty of money to pay your bills, to make sure you're okay long term. So retirement planning may be recommending you buy long-term care insurance. Retirement planning may be recommending that you get out of your 401K plan, and into an IRA, which is a very smart move most of the time. So, retirement planning and estate planning are very comparable, except that retirement planning also typically includes a big financial piece. And I'm not a financial adviser. Most lawyers that do this aren't financial advisers. I mean, we know enough about financial planning to be able to discuss it intelligently, but you need a financial adviser who can help you with the money and help you with the numbers to make sure things come out right. Make sure you can get to the end of your life and have plenty of money left over for your family after that too.

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Retirement Planning vs. Estate Planning

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