New Retirement Study Identifies That Half of Retirees Expect to Work Part-Time

A new study conducted by the TransAmerica Study for Retirement Studies identified that up to two-thirds of baby boomers intend to work beyond age 65. Some individuals have no plans to retire at all and at least half of the survey respondents expected to have at least some form of employment during that time. baby boomers retirement

Some of the most common reasons for delaying retirement or deciding to work after their retirement age include employer health benefits and the need for additional income. Significant members of individuals share that they simply enjoyed what they did or wanted to stay involved in their vocation.

One of the most important steps to take for anyone who intends to work after retirement is to focus on staying healthy. Many older individuals can be negatively impacted by a serious health care event but planning ahead for the future and having your legal documents in line gives you peace of mind that someone is able to step in and make decisions on your behalf even if you were to become unable to do so. Setting up a consultation with an experienced estate planning attorney is another step that you can take to gain confidence about your future plans and distribute any additional assets you may have as a result of continuing to work past your retirement age.

Monitoring projected retirement income needs can give you a good perspective on what you’ll need to support yourself as well as what you will be able to leave behind as a legacy for your beneficiaries. It is also important to have a backup plan in the event that you suddenly need to retire earlier for health or additional reasons. Contact an experienced estate planning attorney today to learn more.

Nearly 70% of Americans Will Need Long Term Care at Some Point

There is a good chance that you’ll need help at some point in the future with everyday tasks like eating, dressing and bathing. You may also need medical care over an extended period of time. long term care planning for the elderly

A 2005 study indicated that 69% of those individuals aged 65 and beyond will need long term care at some point in the future. However, many people are not prepared with how to plan for it and how to safeguard against the potential decimation of their own retirement and savings as a result of a long-term care event.

Many people assume that Medicare will help pay for any long-term care expenses. But the truth is that Medicare does not cover most long-term care expenses because these are not classified as medical treatment. While Medicare will pay for the first 100 days of care in a nursing home, and Medicaid will cover some of the costs of long-term expenses, the Medicaid program is intended for low-income individuals and will not begin until your income is below the state threshold. Retirees with a lot of assets or with high income may never qualify for Medicaid without an advanced planning strategy, so long-term care insurance can be a huge assistance.

While premiums can be very high, signing up for a policy now while you are young and healthy is strongly recommended as this gives you the best chance to get a lower premium. Long term care insurance can give you peace of mind that your assets will be protected and that you have a safety net should something happen to you. In addition, it is strongly recommended that you consult with an elder law attorney about your future planning options for government benefits ad your own retirement.

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