I tell clients that retirement is one of the most important challenges they'll face. And they have questions. How are we going to make it in retirement? How are we going to address health issues? Financial issues?
Well, for many of us, it isn't going to be with retirement savings - because most of us don't have enough. We haven't planned adequately. And we all know that those who fail to plan...
Here are more issues facing Boomers and seniors about retirement...
* Social Security isn't yet "broken" - but it's on the way. And if you're planning on living on it...good luck! Current estimates say the program can pay all benefits for the next 25 years or so. But all bets are off after that.
* When should you begin taking Social Security? This is the $64,000 (or, for many of us, much larger!) question. For people in good health, the best answer is usually to wait...if they can. Taking benefits at 62 means a 25% hit in what you'd get if you waited until 66. And delaying benefits when you're 66 will raise them by 8 percent a year until age 70. The longer you can hold out, the better.
* Inflation: Overall, inflation is still low, despite increases in energy and food prices. But if the economy continues to recover, we can probably expect some serious inflation. And retirees - more than any other demographic - have to plan for this.
Planning for a successful retirement is like wrestling with an octopus. Just when you think you've got the beast subdued, another tentacle pops up. But we can help.
At the Law Offices of Alice Reiter Feld & Associates, we've been helping South Florida families deal with retirement questions for the past 34 years. And we've given them concrete methods of securing their retirements, with comprehensive estate planning, wills, trusts, powers of attorney, long-term care planning, asset-protection plans, and assistance with Medicaid or the VA.
Retirement security is a tough goal to achieve. But we can you get there. And we're just a phone call away.
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