People who are interested in aging and working often look toward the Sloan Center at Boston College for information. Researchers there are finding that people are working longer than they did perhaps 20 years ago, and many seniors actually never retire until they are physically unable to work.
While there is nothing wrong with continuing to keep your hands in your chosen profession, it is something that you should choose to do. You don’t want to find yourself in a position where you absolutely have to work to make ends meet when you are in your late 60s, 70s, and perhaps older.
Social Security is not going to provide adequate income for most people, and there are those who fall into the trap of believing that this program is going to be enough. The average payout for a single Social Security recipient at the beginning of 2018 is $1404 per month. The average for a couple was just under $2340 per month.
There are no guarantees with regard to your health as you get older, so even if you want to work, you may not be able to. And, the future of the economy is uncertain, and it could be challenging to remain viable in the workplace late in your life.
If you are a responsible individual you really must plan ahead for your retirement years. If you choose to continue working and you are capable of doing so, that’s great. But if you decide that you would like to put your working years behind you, it is comforting to know that you have the financial underpinning that it takes to step away and enjoy your free time.
Estate planning attorneys always emphasize the fact that shaping your legacy should be a comprehensive endeavor, and there are so many details that must be addressed you really have to be careful that you do not overlook anything. This is one of the reasons why it is best to go about the process with the assistance of an experienced estate planning attorney.
Alexander McQueen Estate
Legacy planning lawyers have a thorough understanding of all matters relevant to those who have reached an advanced age. Your attorney will guide you appropriately so that you leave no stone unturned as you gain the peace of mind that comes with knowing that you are totally prepared for all the eventualities of aging.
One of the things that it would be possible to overlook when you’re planning your estate would be making provisions for the care of your pet or pets after you pass away. If you want to be certain that the pet is well provided for, you need be proactive about finding a caretaker and arranging for the pet’s care from a financial perspective.
Some people will leave a direct bequest to the caretaker earmarked for the care of the pet, and others choose to create a pet trust. To find out which approach is best for you simply get in touch with one of our estate planning attorneys.
One person who certainly made sure that his pets would be well provided for is late high-end fashion designer Alexander McQueen. McQueen took his own life a number of years ago, and he left behind his dogs Minter, Juice, and Callum. His estate, which was valued at approximately $26 million in all, included nearly $82,000 left for the care of his pets.
McQueen also demonstrated his love for animals by leaving bequests of $164,000 to two different animal welfare charities: the Battersea Dogs and Cats Home and the Blue Cross animal welfare charity.
Of course, most people do not have this kind of money, and some would say that $82,000 is excessive. This being stated, you do not have to be a multimillionaire to establish a pet trust to make sure that your fine furry friend is provided for after your passing. The fact that you can in fact establish a pet trust could motivate you to obtain a pet late in your life if you are ever in need of companionship.
Attend a Free Seminar!
Our estate planning attorneys are conducting a number of free seminars for the coming weeks. You can obtain a great deal of very useful information if you sit in on one of these sessions. Check out the schedule and obtain registration information, click this link.