Planning for Financial Security in Your Golden Years

October 29, 2013. As further consideration of the need to plan for one’s future, I relate the following:

The number of persons reaching the age of retirement in America is estimated to be around 7,000 a day. The effect of this is by the year 2040, 80 million people will be 65 or older. Yet, even with this baby boomer influx, few people are actively planning for financial security into their golden age. Not to mention, financial security’s greatest adversaries are longevity and healthcare cost; both the natural and obvious companions of aging. Either one of these is sufficient to bleed whatever one has set aside to care for themselves. We either outlive our money, or a decline in our health claims more of our funds than we expected. It is estimated one can reasonably expect to pay nearly a quarter-million dollars in health care costs after your working years. As a further warning, this does not include the cost of long term care should it become necessary, which currently averages a cost of $79,000 a year. All of this should make a clear case for retirement planning, which has both a financial arm and an estate planning arm. For help with your personal financial planning, contact Goosmann Trust Counsel at info@goosmannlaw.com or by calling 712.226.4000.