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.
Latest posts by Saul Kobrick (see all)
- When Should I Start Accepting Social Security Retirement Benefits? - August 22, 2019
- Who Administers an Estate If There Is No Will? - July 30, 2019
- What Documents Are Needed for Estate Planning? - July 16, 2019