When you begin to consider what life will be like once you start to reach an advanced age you may suddenly recognize the importance of planning ahead intelligently. Fortunately, some people come to this conclusion when they’re young enough to set goals and do what is necessary to reach them. But the sad fact is that too many find themselves unprepared when their retirement years are upon them.
There was a recent AP-LifeGoesStrong.com poll conducted that put the subject of how prepared the baby boomer generation is for retirement under the microscope. The results may be surprising to a lot of people, because many of these folks who are coming up to their retirement age are not at all prepared. 24% of the people polled said they had no retirement savings at all, and 44% stated that they had little to no confidence that they would have the financial resources needed to enjoy a comfortable retirement. In fact, one out of every four people polled said that they would never retire.
The importance of retirement planning is self-evident if you do in fact want to enjoy a time during which you do not have to work. Social Security alone is not going to be enough for most people to live on, and the future of the program is in doubt given the calls for cost-cutting on Capitol Hill.
But beyond planning for your retirement years, you have to recognize the fact that your retirement plan and your estate plan are intimately intertwined. There are some people who don’t really care what they have to leave behind to their loved ones, content with the idea that their estates will be comprised of whatever happens to be left over. However, others have very specific ideas regarding what they would like to be able to do for their family members after they pass away. These intentions can impact the budgeting that you do for your retirement years.
The best way to devise a comprehensive long-term plan that leads to a comfortable retirement and a robust legacy is with the assistance of an experienced estate planning attorney. He or she will evaluate your unique situation and make the appropriate recommendations so that you will have the financial resources to meet all of your goals.
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- Leaving Assets Can Be Tricky – Part 3 - August 13, 2020