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
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
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