Intelligent, forward thinking individuals will start planning for retirement early. The longer you have to accumulate the resources that you will need, the more likely it is that you will reach your goals.
This is not rocket science; it is basically common sense. But we feel the need to express this reality because such a high percentage of people are completely unprepared for retirement.
It is important to see a comprehensive picture if you want to be fully prepared for the eventualities of aging. With this in mind there are a couple of different stages to consider.
When you think about retirement, the first thing that may come to mind is leisure, travel, and basically just doing the things that you have always wanted to do when you finally have the time. Of course this is going to require financial resources.
But you may live beyond these active retirement years as well. It is not uncommon for people who reach an advanced age to suffer from incapacity, so incapacity planning is key. A high percentage of senior citizens will someday need long-term care. This is certainly something to plan for as well.
It is a good idea to compartmentalize, when you are budgeting for the future, in an intelligent and informed manner. Should you be interested in professional guidance as you map out a plan, the wise course of action would be to sit down and discuss things with an experienced, savvy Oklahoma City retirement planning lawyer.
Author, President and Founding Attorney
Parman & Easterday