Top Retirement Concerns
Most Americans entering retirement today are under significant pressure to focus on their existing living needs rather than on leaving an ample estate.
Retirement can be a relaxing stage of life, but with any major change you’ll have a new set of challenges that could cause concern. Managing healthcare costs, debt, or fears of outliving your money are common stressors if you’re approaching or are in retirement.
Some Common Concerns Include:
- Saving enough money. Americans typically live longer than previous generations, and the cost of living is rising.
- Paying for health care. Unexpected health care costs can throw a twist in your retirement finances and can take up the majority of your budget.
- Having debt. The average amount of debt for Americans is increasing.
- Maintaining an income. Without a regular income, you’ll have to be sure you can afford your daily expenses, and you might be unsure if social security will cover enough.
Another cause for concern is the disappearance of defined benefit pension plans. Some seniors are intentionally using their savings to enjoy their retirement by spending money on their passions instead of worrying about leaving behind something for their children. This might be attributed to many retirees having already helped their children financially by paying for college or weddings.
Plan For The Future
Regardless of what assets might remain for your beneficiaries, you should still make clear how those assets should be distributed. Retirement is about taking the time to enjoy loved ones and the things you’ve worked hard all your life for. Put your mind at ease by discussing planning activities with one of our established estate planning attorneys a who can provide appropriate estate planning advice.
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