The National Bureau of Economic Research recently took on the subject of retirement preparedness. There are some 10,000 baby boomers applying for Social Security every day and this volume is expected to continue for some 20 years. As a result
NBER Sheds Light on Plight of Many Seniors The National Bureau of Economic Research recently took on the subject of retirement preparedness. There are some 10,000 baby boomers applying for Social Security every day and this volume is expected to continue for some 20 years. As a result, huge numbers of people are approaching retirement and experts in the elder law field are looking for answers with regard to just how these individuals will fare economically during their senior years. The NBER gathered data about the financial resources that people typically have left over after they pass away. What they found is that 46% of United States citizens die with total assets valued at less than $10,000. When you go through your latter years without any financial underpinning to speak of you generally rely heavily on government programs for older Americans. The researchers found that this was certainly the case with the 46% who died broke or nearly broke. Of course you have to concern yourself with your own well-being first and foremost, but most people would ideally like to leave something behind for their children and grandchildren. What we are seeing is that close to half of Americas are not in a position to do any such thing. What is the solution? People make choices throughout their lives and they must live with the consequences. While there are exceptions, you can probably put away enough money to finance a fruitful retirement and have something left over after you pass away if you work with a retirement planning lawyer to develop a long-term financial framework and stick to the plan. If you decide to live in the moment instead, you could find yourself among this 46% during your twilight years. Experienced estate planning attorneys Indianapolis IN of the Frank & Kraft Attorneys at Law offers estate planning and business planning resources to residents of Indianapolis IN. To learn more about these free resources, please visit http://www.frankkraft.com today.
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