Formerly, retirement financial planning comprised the three ‘legs’----- social security, savings, and pensions.
Later, the ‘3 legged stool’ became weaker – fewer companies were offering company- sponsored (traditional) pension plans. The retirement savings ‘legs’ became social security, savings and IRAs.
Currently, people approaching retirement are advised to work longer to obtain their full social security benefits (increasing Full Retirement Age); to wait to claim Social Security benefits; to save more money for retirement; to obtain part-time work after retirement and to create IRAs to support their future retirement lifestyle. (Pension plans have virtually gone the way of the dodo bird)
According to recent CCR (Center for Retirement Research at Boston College) research brief titled: WHAT FINANCIAL RISKS DO RETIREES FACE IN LATE LIFE? by Matthew S. Rutledge and Geoffrey T. Sanzenbacher - “Rising life expectancy means that many more Americans will reach very old ages. While longer lives are undeniably positive, they also mean that more people will face late-life financial risks for which they may be unprepared.”
Further, “Researchers involved in the Retirement Research Consortium identify three risks to financial health in late life posed by: 1) out-of-pocket costs for both standard health care needs and long-term care; 2) cognitive decline leading to mistakes; and 3) the prospect of widowhood”
Estate Planning involves the ‘what if’s” of life. Along with sound financial planning and good retirement planning, there are mechanisms within Estate Planning for individuals to retain more of what they have worked for; to preserve their financial well-being; and to protect their future.
Working To Preserve Your Wealth and Protect Your Future…in a Constantly Changing World
Please read my full Disclaimer and How I Can Help You
Visit my website: www.attorneybarbaradalvano.weebly.com for over 290 articles; free webinar information and printable infographics