Military veterans take risks and suffer hardships, so embarking on a military career is certainly not an easy road to take. However, people who serve are often fueled by the motivation to serve their country and this can be a reward in and of itself. At the same time, their contributions do not go unnoticed and there are some very useful rewards that go along with military service. These benefits can play a significant role in your long-term planning efforts.

The cost of long-term care is considerable these days, and a lot of people aren’t aware of just how expensive it is to spend some time in a nursing home or a long-term care facility. Using national averages in terms of cost and length of stay, you could well be looking at an expense of around a quarter of a million dollars at the end of your life and perhaps more under certain circumstances. Some 70% of people who reach the age of 65 will need long-term care at some point in time so this is indeed something that could happen to you.

Veterans who served at least one day during a time of war out of a total of a minimum of 90 days of service meet the length of service eligibility requirement for a benefit called the Veterans Aid & Attendance special pension. Single eligible veterans who need living assistance can receive over $1600 per month, and though this is not going to cover everything it can be a big help and it could potentially pay for in-home care in full.

Another benefit that military veterans enjoy is that of a lifetime pension after 20 years of service. Having this income stream in addition to your Social Security benefit can often provide a very comfortable retirement. There are those who begin a new career in the civilian sector after serving 20 years and these individuals have a lot of options when they are planning for the future.

To learn more about long-term planning for veterans, get in touch with an experienced legacy planning attorney to arrange for an informative consultation.

The Law Offices of Saul Kobrick, P.C. is a member of the American Academy of Estate Planning Attorneys.

When you hear retirement planning attorneys emphasizing how important it is to make plans for the future you would do well to take their advice seriously. The statistics indicate that a very significant percentage of Americans wind up in a difficult position when they reach the latter portion of their lives, and this is in large part due to a lack of planning and unrealistic expectations regarding entitlement programs for seniors.

The majority of people who receive Social Security say that it comprises the lion’s share of their income. In fact, their monthly benefit accounts for at least 90% of the total income of one out of every three Social Security recipients. The exact figure is going to fluctuate depending on the ebb and flow of people coming and going from the Social Security rolls, but according to the Associated Press the average monthly Social Security benefit is $1082 right now. This is why planning for the future is so very important.

Living on a fixed income can be difficult, but the Social Security regulations do allow for periodic cost-of-living adjustments, and these potential increases are tied to the rate of inflation. There were no increases at all in 2009 or 2010, but during that time the average out-of-pocket health care expenses of senior citizens went up by 14.1%. When you are living on $1082 per month or thereabouts these increases are difficult to swallow, especially if your income is not going up to match.

The good news is that there is going to be a cost-of-living adjustment for Social Security recipients 2012. The monthly benefit of people on Social Security is going to rise by 3.6%. Given the fact that the average annual income derived from Social Security is about $13,000, this will equate to a $39 per month raise for the average senior citizen on Social Security.

If you’re looking for motivation with regard to making preparations for the future, consider the above statistics. The only way to be sure that you will be able to retire in comfort is to take control of your own destiny. If you have not already done so, now may be a good time to make an appointment with a retirement planning attorney to create an intelligently conceived plan that leads to a comfortable retirement.

The Law Offices of Saul Kobrick, P.C. is a member of the American Academy of Estate Planning Attorneys.

If you want to retire someday it is important to understand the fact that retirement is not a pot of gold that is lying in wait at the end of the rainbow. You have to take the appropriate steps to make your retirement dreams a reality.

While it is true that people who have paid into it sufficiently can expect to receive Social Security when they become eligible as the laws stand today, there are no guarantees about the viability of the program in the future. In addition, right now the average monthly Social Security payout is $1082. You’re not going to be playing much golf or doing much traveling if you have to try to live on this kind of money, or even twice as much for that matter.

Retirement is just a word that means you have decided to stop working. The vast majority of people work because they need the money, plain and simple. It may seem like overstating the obvious, but if you’re going to be able to retire you must have the financial resources to pay your way without working. The reason why we are pointing this out is because far too many people simply don’t recognize this obvious fact. They apparently feel as though Social Security will be enough, but when you examine the facts you find that this is simply not the case.

Most people are going to have to develop a long-term plan and accumulate resources over a number of years to be able to retire in comfort. This is within the reach of a high percentage of Americans, but you have to proceed intelligently.

Everyone has their own area of expertise and most people would not consider themselves to be financial experts. With this in mind, if you want to map out a plan for the future, the wise course of action is to arrange for a consultation with an experienced retirement planning attorney. He or she will examine the specifics of your finances, listen as you explain your objectives, and put you on a path that leads to the fruition of your retirement goals.

The Law Offices of Saul Kobrick, P.C. is a member of the American Academy of Estate Planning Attorneys.

Retirement can conjure a lot of images in the mind’s eye. You may picture yourself lounging on a tropical beach with a cocktail in hand watching the waves gently lick the alabaster sands, or simply imagine an everyday lifestyle of arising whenever you choose to with an open-ended itinerary in front of you. Life is for living, and there is certainly nothing wrong with looking forward to your golden years with very positive expectations.

However, in the end “retirement” is not a state of mind…it is simply a word describing the act of putting your working years behind you. To be able to do this you’re going to have to have the financial resources to pay your way without earning a paycheck or operating a business. For most people, this is going to take careful and concerted advance planning.

The sad truth is a very high percentage of people find this out after it is too late to do anything about it. There was a poll conducted recently by the Associated Press in conjunction with Life GoesStrong.com that was intended to gauge how prepared baby boomers are for retirement. About one-fourth of the respondents said that they would never be able to retire, and well over 40% of them stated that they were not confident they would be able to retire in comfort.

When you recognize the need to plan for the future your first impulse may be to accumulate savings. Of course this is a good idea, but debt reduction is important as well. Debt comes along with interest, and the sooner you extinguish it the better off you’re going to be during your retirement years. Along these lines, you may want to think very long and hard about incurring debt unnecessarily if you are serious about meeting your retirement goals.

To be prepared for retirement you have to map out a plan and stick to it. If you’re not a financial expert in your own right, the best way to go about this would be to engage the services of a good retirement planning attorney who will listen as you explain your objectives and place you on a path that leads to the realization of your retirement vision.

The Law Offices of Saul Kobrick, P.C. is a member of the American Academy of Estate Planning Attorneys.

Far too many people find themselves unprepared for retirement, and if you don’t want to be one of them you would do well to devise an intelligent plan and stick to it. Depending on your resources and the nature of your career path exactly how to go about this is going to vary.

A lot of people who look toward the future at a young age decide to join the military with an eye on retirement. After 20 years of active duty veterans qualify for a retirement pension. They receive this pension for life, and this in itself can go a long way toward feathering your nest for retirement. However, if you embark on a military career when you are a young adult you have plenty of time to move on and into a career position in the private sector after serving 20 years to qualify for the military retirement pension.

Since you will be earning an income via your civilian job, you could choose to save and/or invest your pension benefits until it becomes time to retire from your private sector position. You could also contribute into the 401(k) plan at work and have this retirement savings account to draw from along with your retirement pension and Social Security benefit. This is in addition to the accumulated savings that you have as a result of putting away your military pension checks while you were still working.

Another benefit that people are often unaware of is the Veterans Aid and Attendance special pension. This can augment your incapacity plan because it provides up to $1062 per month for eligible veterans who need help with their day-to-day needs. The length of service requirement for this veterans benefit is modest; you must have served at least one day during wartime and a minimum of 90 days in all.

To learn more about long-term planning for veterans, take a moment to arrange for a consultation with an experienced and savvy legacy planning attorney.

The Law Offices of Saul Kobrick, P.C. is a member of the American Academy of Estate Planning Attorneys.

If you want to be able to retire in comfort you have to look at the matter realistically. Retirement is not something that you are automatically entitled to by virtue of being an American citizen. Yes, as the laws stand at the present time you will receive a Social Security benefit when you reach full retirement age if you paid enough into the program to qualify.

However, many people are surprised to find out that the average monthly Social Security benefit at the present time is around $1070. And if you are thinking that this figure is going to rise significantly anytime soon you may be wearing rose colored glasses. In fact, given the cost-cutting mood in Washington it is probably much more likely that Social Security will be cut than expanded.

Retirement is just a word that defines the act of putting your working years behind you. Most people work because they need to earn a paycheck. The only way you can stop working is if you have the financial resources to do so, regardless of your age.

This is why long-term planning is so important. If you develop a long-term plan and stick to it, you will have the time that you need to accumulate the necessary resources that enable a comfortable retirement. If you want plan comprehensively, you should also prepare for the period of time that sits between your active retirement years and your eventual passing, an interim often referred to as the “twilight years.” And of course, you may want to consider your legacy and make plans that enable you to leave bequests to your loved ones after you pass away.

If you recognize the value of long-term planning and you’re ready to take action, simply pick up the phone and get in touch with an experienced elder law attorney to arrange for an initial consultation.

The Law Offices of Saul Kobrick, P.C. is a member of the American Academy of Estate Planning Attorneys.

A significant percentage of people go through life expecting that they will retire when they reach their mid-to-late 60s without making any particular plans to make this possible. This is a mistake, and it is one of those mistakes that you don’t just learn from and then dust yourself off and walk away all the wiser. If you wind up unprepared for retirement financially, you are not going to have the opportunity to recover and you may well have to work until you become physically and/or mentally incapable of doing so.

Retirement is not an entitlement or a magical birthday gift that you are given when you reach a particular age. It is simply a word describing the act of putting your working years behind you. Most people work because they need the money, so no matter what age you are, if you can make ends meet without working you’re going to have to continue earning a paycheck. It’s as simple as that.

So why are there so many people who do not develop retirement plans and stick to them? Perhaps the primary reason would be that they are under the impression that they will be able to retire when they reach full retirement age as defined by the Social Security Administration. At the present time that age is 66 for people who were born between 1943 and 1954. Subsequent to 1954 the retirement age goes up by two months every year until 1960; people born during that year and after become eligible for Social Security at the age of 67.

The income that is derived from Social Security is not going to be enough for many people to live on comfortably. At the present time the average monthly Social Security check is all of $1072. So if you don’t do any additional planning because you think that reaching your full retirement age as defined by the Social Security Administration is going to result in the ability to retire you may want to think again.

The Law Offices of Saul Kobrick, P.C. is a member of the American Academy of Estate Planning Attorneys.

There are people who assume that they will be able to retire as soon as they become eligible to receive Social Security benefits. At the present time the full retirement age for individuals born between the years 1943 and 1954 is 66 years of age.

After this the full retirement age rises by two months each year, so if for example you were born in 1955 your full retirement age would be 66 years and two months. It goes up in this manner year-by-year until 1960. Americans who were born in 1960 and after reach full retirement age upon celebration of their 67th birthdays.

It should be noted that the above parameters are in place as of this writing, but they’re not etched in granite into perpetuity. Because of the federal budget deficit there’s a lot of talk among legislators on Capitol Hill about making cuts to the Social Security and Medicare programs. One of the first things that they would consider doing to cut costs would be to raise the retirement age. This is something to keep your eye on as your retirement years grow nearer.

Statistics indicate that a lot of people rely too heavily on Social Security and as a result find themselves unprepared for retirement. The average Social Security benefit as of this writing is $1072 per month. Clearly, this is not enough for most people to live on comfortably. Yet, according to the Social Security Administration 64% of the people who receive Social Security say that it is their primary source of income.

Two thirds of the respondents to a recent AP-LifeGoesStrong.com that was conducted among baby boomers said that they would continue working after reaching full retirement age. 35% of these people said they would be doing so simply to make ends meet.

If you want to be able to enjoy your retirement years to the utmost you’re going to have to have resources to draw from beyond Social Security. If you don’t already have a strategy mapped out, arrange for consultation with an experienced retirement planning attorney who will provide you with a path that leads to the fruition of all of your retirement goals.

The Law Offices of Saul Kobrick, P.C. is a member of the American Academy of Estate Planning Attorneys.

They say that experience is the best teacher, but unfortunately it is something that you often get just after you need it. It is true that we learn from our mistakes, and in many cases these errors are blessings in disguise because the lessons that you do in fact learn serve you in good stead throughout the rest of your life.

However, there are some mistakes that you make that you can never fully recover from, and this is why it is so important to take retirement planning seriously. If you suddenly recognize that you are 60 years old and you have never saved a dime for your retirement, you may find that you will in fact never be able to retire.

Unless you are unusually wealthy, to be able to pay your way for two decades or more after you stop working you have to plan carefully in advance. For most people the planning starts by participating in a 401(k) plan on the job. A 401(k) is a savings account that you contribute into on a pre-tax basis. As the account builds in value the interest that accrues is not taxed. Plus, your taxable income is reduced by the amount of the contributions that you make into the account. So if you made $50,000 in a given year and contributed $4000 into your 401(k) your taxable income would be $46,000.

You can begin to take distributions from the account when you reach 59 1/2 years of age, and this influx of income is taxable. However, if you were to open a Roth 401(k) rather than a traditional one the contributions into the account are made after taxes, but future withdrawals from the account are not subject to income tax.

Considering the fact that Social Security alone is not going to be enough to provide you with a comfortable retirement unless you are prepared to live an extraordinarily spartan existence, it is important to save for retirement. A 401(k) is a good option, especially if your employer matches contributions that you make into the account.

The Law Offices of Saul Kobrick, P.C. is a member of the American Academy of Estate Planning Attorneys.

People have a tendency to put off things that are not immediately relevant, and the reality is that this often results in difficulties later on. Retirement planning is one of the things that falls into this category, with many people being in complete denial about the matter. Others feel as though they will start planning at a later date, and then there are those who simply assume that they’ll have adequate resources when the time comes without engaging in specific planning or goal setting. There are also people who assume that their Social Security benefit will be enough to finance their retirement years.

Let’s take a look at some of the facts. If you are thinking that Social Security is your answer, you may want to reconsider. The average monthly Social Security benefit in 2010 was $1072, and there have been no increases over the last two years. If you have been listening to the buzz coming out of Washington you know that the federal budget deficit is a huge issue and people are talking about making cuts. According to the Center On Budget and Policy Priorities 20% of the federal budget in 2010 was spent on Social Security payouts.

So, it is difficult to talk seriously about reducing the federal budget without Social Security being mentioned. This is especially true given the fact that the roles will be expanding significantly over the next 20 years as 10,000 new applicants apply for Social Security every day.

A recent Harris poll indicates that approximately 25% of baby boomers have saved absolutely nothing for their retirement years. 22% of Americans who have reached the age of 65 have no savings. 44% of baby boomers who responded to an AP-LifeGoesStrong.com said that they are not confident that they will have the financial resources that they need for their retirement years.

When you put all the above together you can see that indeed, people often ignore the need to plan for retirement and when they do they face was some extraordinary challenges late in their lives. The suggestion here would be to take a proactive approach and arrange for a consultation with a retirement planning attorney will help you devise an intelligent plan for the future.

The Law Offices of Saul Kobrick, P.C. is a member of the American Academy of Estate Planning Attorneys.