Estate planning attorneys these days are typically experts in every facet of elder law, including retirement planning, and one of the reasons for this is the simple fact that the need exists for this type of expertise. When you examine the current census statistics a stunning reality emerges that has a very significant impact on all of us. Though the implications are positive they add a layer of responsibility. The so-called “baby boomers” are entering their golden years, and as a result the senior citizen population is the most rapidly growing segment of American society. If you examine the data in greater detail, you find that the oldest seniors, aged 85 years and up, are in fact the fastest growing subset of the senior citizen population.
What this means is that more people are living longer, and this impacts elder law on a number of different levels. When it comes to retirement planning, the obvious fact is that the advances in medical technology and the improving health of the aging – longer life expectancy – make it necessary to plan for a lengthy period of retirement. If you retire when you are somewhere in the vicinity of 65-years-of-age, it would be prudent to have resources in place to provide for some 30 years of living. Depending on the specifics of your situation, amassing a retirement portfolio that can withstand the financial demands of three decades can take a good bit of time and intelligent planning.
If you keep it simple you can see the rudimentary equation here. The sooner you get started planning for the realities of aging, the better. It is important to recognize the fact that you may need to be able to cover assisted living or nursing home expenses late in your life, and who knows what type of medical issues will arise along the way. There is a lot to consider, but if you implement a well conceived plan early on, you should be able to enjoy the worry-free retirement that you worked hard for and looked forward to throughout your career.
Larry Parman
Attorney at Law
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