Ignore Your Retirement At Your Own Risk
There are those who are under the impression that they will somehow automatically
retire when they reach their mid-60s. They think that they will enjoy their golden years
and all of the free time they will have on their hands. Those notions occur without the
careful thought of planning ahead. If you know with absolute certainty that you have
ample financial resources to finance your retirement years without engaging in any
careful planning, so be it. You’re one of the lucky ones. Unfortunately, most people are
not in this situation. Too many of us are in denial about the level of personal
responsibility required to enjoy a comfortable retirement.
A recent Associated Press-LifeGoesStrong.com poll probed into the preparedness of
baby boomers for their retirement years. 64% of those polled said that they expect Social
Security to be their primary source of income during their retirement. With this in mind,
it is useful to note that the United States Social Security Administration tells us that, in
2010, the average monthly Social Security payout was $1072.
If you have been paying attention to the news over the last several months you know that
the federal budget deficit is a huge issue on Capitol Hill. There have been no increases to
Social Security in two years. It would seem as though reductions are far more likely
than increases given the mood in Washington. Therefore, expecting Social Security to
provide you with a comfortable retirement may not be realistic at this point.
Believe it or not, 24% of baby boomers that responded to this poll said that they have no
retirement savings at all. 44% of respondents said they have little or no confidence that
they will be financially capable of handling their expenses after retirement. Clearly, lack
of preparation can leave you in a very difficult situation. If you do not have a retirement
plan in place, now may be a good time to arrange for a consultation with an experienced,
savvy retirement planning attorney.
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.