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.

Retirement planning can be challenging because you’re attempting to look past the horizon. Though you do not have a crystal ball and you can’t see into the future, you can make intelligent projections if you pay attention to all relevant information as it unfolds. Government programs for seniors like Social Security, Medicare, and Medicaid are indeed relevant to the field of elder law, and recently we’ve been hearing a lot of talk about possible cuts to these programs.

Knowing exactly what to expect is important if you want to plan intelligently, and of course the legislators who are talking about changes to these programs are going to be influenced by public opinion. As we all know the federal deficit is a topic of concern, and many lawmakers have been suggesting that cuts to these programs are necessary to balance the budget.

There would be those who would ask why their first Social Security check after paying into the program for 50 years would be an instance of deficit spending, and perhaps this is a good question. Some people who are approaching retirement resent the suggestion that those who are working once they retire are in essence funding their Social Security checks and Medicare benefits when they have paid into these programs all of their lives.

That being stated, the Kaiser Family Foundation recently published the results of a poll that they conducted in an effort to get a feel for public sentiment on budget cuts. What they found was that 62% of the people polled did not want to see any reductions in Social Security spending at all. Considering the average monthly Social Security benefit was just $1072 in 2010 and there have been no increases to the benefit for a couple of years some would argue that there isn’t a lot of room for cuts. 57% of the respondents stated that they did not support Medicare cuts, and half of those polled are against any reductions in Medicaid spending.

If you are planning for your elder years you need to look ahead, and the future of these programs is relevant to most Americans so any proposed budget cuts are something to pay attention to going forward.

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

We live during an era when the population is aging very rapidly, and there are lots of questions about health care for senior citizens being asked at the present time. There’s been a very eye-catching statistic circulating around the media for a few months now stating that 10,000 new applicants are lining up for Social Security benefits every day, and this is certainly profound. But what really gets your attention is the fact that this is expected to continue for the next 20 years. With so many people retiring around the same time people are asking a lot of questions, and there are indeed uncertainties over the horizon when you hear talk in Washington about changes to the Medicare system.

You might think that you become eligible for Medicare at the same time that you qualify for your full Social Security benefit, but this is not the case. People who were born between 1943 and 1954 become eligible for full Social Security benefits when they turn 66. After that it goes up by two months per year until 1960; people who were born in 1960 or after become eligible for Social Security on their 67th birthday. Medicare eligibility, on the other hand, has nothing to do with the year during which you were born. Everyone becomes eligible for Medicare when they turn 65.

The thing about Medicare that you have to keep in mind is that it doesn’t cover everything, and there are out-of-pocket expenses involved. This can get rather complex because there is Medicare Part A, Medicare Part B, Medicare Part C, and Medicare Part D to take into consideration. In addition, Medicare does not cover long-term care and this type of care is extremely expensive.

However, Medicaid will cover long-term care under some circumstances even if you have significant assets such as a home, vehicle, and valuable personal possessions. Your spouse can even retain countable assets in excess of $109,000 without impacting your Medicaid eligibility under some circumstances.

The reality is that optimally planning for your health care needs during your retirement years can be quite complicated, which is why it is best engaged in with the assistance of an experienced retirement planning attorney.

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

We have reached an unprecedented juncture with regard to the age demographic in the United States. Our population is getting older by the minute, with senior citizens being the fastest growing segment. This is coming about as a result of the baby boomer generation reaching retirement age, and the statistics indicate that many people are really not prepared. According to a recent Associated Press-LifeGoesStrong.com poll one in four baby boomers say that they have no retirement savings at all.

This statistic does not sit well with the fact that 64% of Social Security recipients state that their Social Security benefit is their primary source of income. The average monthly Social Security benefit is $1072, so when you put all these figures together you can see how important long-term retirement planning is if you want to avoid financial struggles late in your life.

To add to the woes of those who are relying on Social Security almost exclusively, benefits have not been increased in 2010 or 2011. And if you’re paying attention to the current budget situation Social Security and Medicare are actually on the chopping block from both sides of the political aisle. Meanwhile, as these debates are taking place each and every day 10,000 people are applying for Social Security for the first time, and this volume of applicants is expected to keep lining up daily for the next 20 years.

Retirement planning attorneys have always recommended that people consider the financial realities of retirement as early as possible because clearly, the longer you have to prepare the more likely it is that you will be ready. When you allow the statistics that we have shared above to sink in you can see that retirement planning is more important now than it has ever been before. If you recognize this but don’t know exactly where to begin, the wise course of action is to consult with an experienced retirement planning attorney who will evaluate your specific situation and make the appropriate recommendations.

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

When you hear the term “retirement planning” mentioned you’re generally going to envision the period of time immediately after your working career when you have the opportunity to enjoy your free time. Many people do a lot of traveling and indulge various passions and hobbies like golf, tennis, boating, gardening, etc. And of course most retirees are going to recognize the need to have an estate plan in place, so retirement planning and estate planning essentially go hand-in-hand.

When you think about retirement planning you anticipate the good times ahead, but the fact is that there may come a time between your active retirement and the final days of your life, and this interim should be prepared for as well. Statistics that have been released by the United States Department of Health and Human Services indicate that somewhere in the vicinity of seven out of every 10 individuals who reach the age of 65 will someday need long-term care. Many people are surprised when they hear that the average cost for a year in a private room in a nursing home in the United States is more than $83,000. The average length of stay is 2 1/2 years, so when you do the math you’re looking at a pretty hefty expense, and in fact the average cost for long-term care in the state of New York exceeds that of the national average.

In addition to the realities of long-term care it is important to prepare for the possibility of incapacitation. People are living longer than ever, and the segment of the society that is at least 85 years of age is growing faster than any other. Clearly people who reach such an advanced age often suffer from diminished mental faculties, and in fact four out of every 10 of the oldest old are Alzheimer’s disease sufferers. As a response it is important to have durable powers of attorney in place that empower agents of your choosing to act on your behalf should you become unable to make sound decisions for yourself.

It is possible that you will never experience a moment of incapacity or spend a day in a long-term care facility. However, you never know what the future holds and it is always better to be safe than sorry.

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

Though it is nice to enjoy what you do and do it well as you travel down your career path, after a couple of decades many people start to see retirement as the pot of gold at the end of the rainbow. Though crafting a successful career is extremely satisfying it generally consumes a significant percentage of your time. So there are invariably a number of things left on your to-do list by the time you are ready to put your working years behind you.

Making sure that you have the financial resources to do all these things comfortably is what retirement planning is all about. It is wise to get started early so you have plenty of time to reach your objectives, and while you do this it can be hard to relate in any direct way to what could be described as your twilight years, that interim that sits between your active retirement and the end of your life. It can be even harder to wrap your head around the concept of passing away, so arranging for the distribution of your assets to your loved ones in a very specific manner can seem like something that is not immediately relevant or necessary.

The fact is that planning for those twilight years and possible long-term care expenses is something that you should consider when you are planning for your retirement. In addition, you may have specific things that you would like to be able to do for your children and grandchildren via the distribution of your legacy after your passing. Unless you’re fortunate enough to have virtually unlimited resources, is important to keep these goals in mind when you’re making retirement plans so that you can budget accordingly.

People are living longer than ever before, with those age 85 and older representing the fastest-growing portion of the population. When you’re planning for the future it is important to keep the big picture in mind and recognize that you may need to stretch your resources for a number of years past the healthy and active portion of your retirement.

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