WILL YOUR RESOURCES LAST LONG ENOUGH?
Jan. 23, 2015
Estate planning and retirement planning are naturally connected. If you have particular ideas in mind with regard to what you want to be able to do for your family after you pass away these intentions could impact your retirement budget. Clearly, you can't provide inheritances if there is nothing left after you pass away.
Unfortunately a great many Americans are finding themselves in just that position.
Experts in the field recently conducted a study under the auspices of the National Bureau of Economic Research that was intended to gauge the retirement preparedness of seniors.
Rather than going the traditional route and gathering statistics regarding the amount of money that people had going into retirement, they took the reverse approach and evaluated how much money people had left over after they passed away.
As it turns out almost half of the people in the United States die with less than $10,000 in assets. A lot of these individuals were entirely dependent on Social Security for income toward the end of their lives.
Financial preparedness also has an impact on your health according to the study. Individuals who had adequate financial resources scored better as a group when health indicators were measured.
When you go through life without making any plans for the future you may well find yourself in a difficult position later on as this study would indicate. To be among those who can retire in comfort while still being able to provide something for your loved ones you must plan ahead intelligently and exercise the self-discipline to stick to the plan over an extended period of time. Your best bet for the future is to talk to an experienced Redlands estate planning attorney.