Feb 24, 2013
By Rick Law, Elder Law Attorney And Senior Estate Planner In Chicagoland.
One of the biggest challenges of planning for retirement is predicting longevity.
People are living much longer than they did even just a few decades ago. In fact, 50 percent of men who turned 65 in 2010 will live to age 81, and 50 percent of women will live to age 84. In addition, roughly 25 percent are expected to live until ages 87 and 90, respectively.
One in 10 women today can actually expect to live to age 95.
Although longer life expectancy is a wonderful thing, it can present a real issue when trying to stretch retirement savings—possibly for 30 years or longer—for income needed to live on and keep up with the constantly rising cost of living.
We have seen clients make every possible mistake with their retirement investments and their choice of financial advisor. Frankly,we have made our own mistakes—they say that’s how we become wise.
Wisdom most often is the result of surviving our own mistakes.
Yesterday’s solutions and hot investment ideas are not a reliable guide for the road ahead. We are in a new economic time. The old ideas about investments, retirement and estate planning are not working.
If you’re just looking back at yesterday’s road map for success, you’ll drive into the ditch. The rules of the road have changed.
Tomorrow we’ll talk more about looking ahead to retirement, investing, and beyond.
If you’re ready to start getting your estate in order and secure your assets for the “worst-case” scenario, please give our office a call at 800-310-3100. Your first consultation is absolutely free. We’ll let you know what steps you need to take, right now, to protect yourself and your family. Call now.
Rick L. Law, Attorney, Estate Planner for Retirees.
Rick was named the #1 Illinois elder law estate planning attorney by Leading Lawyer Magazine. He has been quoted in the Wall Street Journal, AARP Magazine, TheStreet.com, and numerous newspapers and articles. Rick is the lead attorney for Law Elder Law, LLP, focusing in Estate Planning, Guardianship, and Nursing Home Solutions. His goal is to give retirees an informed edge when it comes to dealing with an uncertain future. Get flexible retirement strategies that work during good times and bad, plus information on how you can save your home and assets from being used to pay for long term care. Appointments available in Chicago, Aurora, Oak Brook, Schaumburg, and Joliet. Call 800-310-3100 for your free consultation now!
“Everyone in the office was absolutely wonderful to work with whether on the initial set-up of the trust, adjustment to such following my father’s passing, or processing of his home sale and proceeds.
They genuinely care for your family’s well-being and walk you through each step of the process. They are also exceptionally responsive even when parties involved live in different locations.
This is a definitely a team you can trust and one I highly recommend.”
W.W., Client of Law Hesselbaum