Recent NBER Findings Can Provide Motivation
Sometimes you can be motivated by the difficulties that others have experienced and avoid the pitfalls
that led them into unenviable positions. With this in mind we would like to highlight the findings of a
study of interest to the elder law community that was recently conducted by experts associated with
the National Bureau of Economic Research.
As it turns out, close to half of Americans (46%) die with virtually nothing left to pass on to their loved
ones. This is a rather surprising statistic and, without question, estate planning is not going to yield
results if there's nothing left to distribute among your family members.
While this obviously has estate planning implications it also has a lot to do with the quality of life of
elder individuals during the latter stages of their lives. The people who told researchers that they were
comfortable financially were typically in better health than their less affluent counterparts.
Why is this? Because many of the people that comprise this 46% were largely dependent on limited
Social Security income. As a result, they did not have access to the same quality of health care. In
addition, when you are barely scraping by your nutrition may ultimately suffer.
And, of course, financial difficulties can bring on stress and the health problems that go along with it.
This study can serve as a retirement planning motivator. If you want to be able to retire in comfort and
be in a position to do things for your children and grandchildren someday, you must set goals and
work within a long-term financial plan over an extended period of time. If you fail to do so, you may
become part of this sad statistic.
Experienced estate planning attorneys Oklahoma City OK of the Parman and Easterday offers estate
planning and business planning resources to residents of Oklahoma City OK. To learn more about
these free resources, please visit www.parmanlaw.com/ today.