Retirement is Expensive--Are You Getting Prepared?
Retirement should be looked at as an expense that you must prepare for well in advance. As the baby
boomer generation reaches retirement age, statistics are indicating that a very significant percentage
of these individuals are never going to be able to retire due to a lack of preparation.
Why are so many people going through life with no financial plan for the future? One of the reasons
would be the misguided idea that Social Security is the solution.
Your Social Security payout is calculated based on your 35 highest earning years. The average monthly
benefit at the beginning of this year was $1,230. Even if you paid the maximum amount possible into
the program for all 35 years, your monthly benefit would be just $2,513. (This is the maximum Social
Security benefit in 2012.)
A Catch-22 exists when it comes to retirement planning. Younger adults often don't think about it, but
they have a fleeting opportunity. When you get started early, you have plenty of time to accumulate
resources over a number of decades.
Once you reach middle age, retirement may indeed be something that becomes immediately relevant
to you. But if you have not taken any steps to put aside retirement resources, there may not be
enough time to put together the underpinning that you need to be able to retire.
Working within a structured financial framework over an extended period of time is the key to a
comfortable retirement. If you would like to build such a structure, take action right now to arrange
for a consultation with a seasoned and savvy Campbell CA financial planning lawyer.
Experienced estate planning attorneys Campbell CA of the Law Office of Roy W. Litherland offers
estate planning and business planning resources to residents of Campbell CA. To learn more about
these free resources, please visit www.attorneyoffice.com/ today.