Retirement is Expensive - Are You Getting Prepared?
Retirement should be looked at as an expense that you must prepare for well in advance. As the baby boomer generation reaches retirement age,statistics are indicating that a very significant percentage of these individuals are never going to be able to retire due to a lack of preparation.
Why are so many people going through life with no financial plan for the future? One of the reasons would be the misguided idea that Social Security is the solution.
Your Social Security payout is calculated based on your 35 highest earning years.The average monthly benefit at the beginning of this year was $1,230.Even if you paid the maximum amount possible into the program for all 35 years, your monthly benefit would be just $2,513. (This is the maximum Social Security benefit in 2012.)
A Catch-22 exists when it comes to retirement planning.Younger adults often don't think about it,but they have a fleeting opportunity.When you get started early,you have plenty of time to accumulate resources over a number of decades.
Once you reach middle age,retirement may indeed be something that becomes immediately relevant to you.But if you have not taken any steps to put aside retirement resources,there may not be enough time to put together the underpinning that you need to be able to retire.
Working within a structured financial framework over an extended period of time is the key to a comfortable retirement.If you would like to build such a structure,take action right now to arrange for a consultation with a seasoned and savvy Campbell CA financial planning lawyer.
ABOUT THE AUTHOR: Roy Litherland
Experienced estate planning attorneys Campbell CA of the Law Office of Roy W. Litherland offers estate planning and business planning resources to residents of Campbell CA.
Copyright Law Office of Roy W. Litherland
More information about Law Office of Roy W. Litherland
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.