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.