62-Year-Old Investor: Executor and POA Planning, Retirement Strategy

An investor at 62 with a multimillion-dollar portfolio, no heirs and no spouse, seeks advice on estate planning and retirement. He currently names his high school in Hawaii as beneficiary and is considering an independent executor and durable power of attorney to manage his affairs if he becomes incapacitated. Professional fiduciaries or banks offering executor services are recommended over friends or relatives due to the time, stress and potential conflicts they can bring. A revocable trust can help avoid probate and provide for asset management. Review the plan annually and consider QCDs ($110,000 in 2026) to reduce taxable income and required minimum distributions. For retirement, shift to a capital preservation strategy (e.g., 50/50 or 60/40 stock-to-bond), max catch-up contributions, delay Social Security until age 70, and consider LTC insurance and HSAs. No need to marry for care; professional planning can ensure comfort and independence in later years.