The Elder and Disability Law Firm, APC
Lack of planning hits boomers hard
When you are living in the moment going about your day to day responsibilities you may find it difficult to imagine a time when you will be approaching retirement age. As understandable as this may be if you are two or three decades away from your 60s, you have to take action if you want to be prepared for retirement.
At the present time the baby boomer generation is reaching retirement age, and studies are showing that they are woefully unprepared and many will have to work for the rest of their lives.
There was a poll conducted by the AP in consort with LifeGoesStrong.com that asked baby boomers certain questions about retirement preparedness a number of months ago. Most of the people who responded said that they would be relying on Social Security for the majority of their income during retirement.
The average Social Security check at present is about $1080, so when you consider this it is no wonder that approximately one-fourth of the poll respondents said that they would be working for the rest of their lives out of financial need.
The median amount that the baby boomers reported having saved for retirement was just $40,000, and about 25% of them had no retirement savings at all.
You also need to consider the cost of long-term care and be informed about the types of government benefits that will be available to you. If you are a veteran or a spouse of a veteran, VA may help to pay for your long-term care cost with an assisted living facility or a home caregiver. If you need to stay in a nursing home, whether you are a veteran or related to one or not, you need to know that there are ways to get Medi-Cal to pay all of part of your nursing home cost.
The people who wind up enjoying their retirement years to the fullest are generally going to be the ones who plan ahead in advance. If you are ready to get started, take action right now and arrange for a consultation with a good Redlands, California retirement planning attorney.