There was a study conducted by the National Bureau of Economic Research recently that got the attention of many Mount Clemens elder law attorneys. It turns out that around 46 percent of Americans pass away with less than $10,000 to leave behind to their loved ones.
In addition to being incapable of passing on any type of financial legacy, a very significant percentage of these people have a tough go of it during the latter stages of their lives. When you are solely dependent on your Social Security check or direct deposit with little to no money in the bank, you inevitably find yourself living a rather spartan existence.
Time is interesting when it comes to financial planning, because it can be your best friend or your worst enemy. If you work with one of our Mount Clemens elder law lawyers to put a solid plan in place as a younger adult, you will have plenty of time to accumulate the resources that you need to retire when you want to and actually enjoy your free time.
On the other hand, if you sweep the topic under the carpet and go forward as though you will be young forever, you may find yourself looking in the mirror on your 50th birthday knowing full well that you really can never retire.
And, if a time comes when you simply can’t work due to physical or mental limitations, you could find yourself in a rather difficult position toward the end of your life.
Essentially the choice is yours: Sit down and discuss your future with one of our elder law lawyers or simply do nothing. If you choose the latter, you may well be making the choice to join this 46 percent.
Downsizing Can Help
Downsizing can be very useful when you are trying to make your retirement budget work for you. If your property is considerably larger than you actually need, you can save yourself a lot of money by getting into something smaller. Even if your home is paid for, your property taxes would go down, and your utility bills would invariably shrink as well.
Maintenance is another thing to consider. As you get older, you are probably not going to relish the thought of pushing a lawnmower around the yard or engaging in heavy duty landscaping. There may be indoor maintenance that is physically demanding as well.
You could also be open-minded about your retirement destination. As we all know, many people retire to the state of Florida where they enjoy mild weather all year around while they benefit from a favorable tax environment. The tax situation is great in Nevada as well.
Adapting to Change
Elder law lawyers focus on retirement planning and estate planning, because one thing leads to another. Unfortunately, studies indicate that a majority of people are going through life without having executed the appropriate estate planning documents. One of the primary reasons for this is sheer procrastination.
We all know that we should have a plan, but it is something that is often times put on the back burner. Because it can take some people so long to actually put an initial plan in place, when they finally do so, they may breathe a sigh of relief and consider the matter closed. This is definitely a mistake.
Your estate plan is going to be based on your life as it existed at the time it was constructed. Life changes inevitably take place that are going to make revisions necessary. These would include changes in marital status, significant changes in your financial status, and subtractions to the family as you traverse your golden years.
The intelligent course of action is to recognize the fact that estate planning is a process, not a one-time event. If you develop a good working relationship one of our Mount Clemens elder law attorneys, your lawyer will gain an understanding of your situation and be perfectly poised to recommend the appropriate revisions when and if they become necessary.
Build on Your Knowledge!
As they say, knowledge is power. People that act in a fully informed manner as they look ahead toward the future avoid mistakes and enjoy their retirement years with the knowledge that they will be able to leave behind a suitable legacy to their loved ones.
If you would like to learn more, our Mount Clemens elder law attorneys are holding a number of seminars in the near future. They are free to attend, and you can reserve a seat for the session that is right for you if you simply click this link.