By Rick Law, J.D., Elder Law Attorney and Senior Advocate at Law Elder Law in Aurora, IL.
One of the biggest challenges of planning for retirement is predicting longevity. People are living much longer than they did even just a few decades ago. In fact, 50 percent of men who turned 65 in 2010 will live to age 81, and 50 percent of women will live to age 84. In addition, roughly 25 percent are expected to live until 87 and 90, respectively. One in 10 women today can actually expect to live to age 95.
Although longer life expectancy is a wonderful thing, it can present a real issue when trying to stretch retirement savings – possibly for 30 years or longer – for income needed to live on and keep up with the constantly rising cost of living.
In fact, three out of four seniors can expect to spend some time in a nursing home! One in two will spend a significant amount of time in a nursing home – that doesn’t even include the folks who spend time in assisted living or need extra care at home. At thousands of dollars per month for any of these options, who can afford to be unprepared?
Both you and I have a higher likelihood of needing this type of care than not needing it.
We have seen clients make every possible mistake with their investments and their choice of financial advisor.
Frankly, we have made our own mistakes – they say that’s how we become wise. Wisdom most often is the result of surviving our own mistakes.
Yesterday’s solutions and hot investment ideas are not a reliable guide for the road ahead. We are in a new economic time. The old ideas about investments, retirement and estate planning are not working. If you’re just looking back at yesterday’s road map for success, you’ll drive into the ditch. The rules of the road have changed. There’s no use in looking back, so here’s to looking at the road ahead.
With an appropriate and skillfully-crafted plan in place, you can ensure a smoother future and that you’ll have some options when times get rough.
If you’re ready to start getting your estate in order and secure your assets for the “worst-case” scenario, please give our office a call at 630-585-5200 or 800-310-3100. Your first consultation is absolutely free. We’ll let you know what steps you need to take, right now, to protect yourself and your family. Call now.
Rick L. Law, Attorney, Estate Planner for Retirees.
Rick was named the #1 Illinois elder law estate planning attorney by Leading Lawyer Magazine. He has been quoted in the Wall Street Journal, AARP Magazine, TheStreet.com, and numerous newspapers and articles. Rick is the lead attorney for Law Elder Law, LLP, focusing in Estate Planning, Guardianship, and Nursing Home Solutions. His goal is to give retirees an informed edge when it comes to dealing with an uncertain future. Get flexible retirement strategies that work during good times and bad, plus information on how you can save your home and assets from being used to pay for long term care. Call 630-585-5200 or 800-310-3100 for your free consultation now