Many Ignore Words to the Wise
When it comes to retirement and estate planning a lot of people in America seem to be ignoring the advice that is routinely and constantly given by experts. Statistics are continually being presented that indicate a lack of retirement preparedness among the baby boomer generation. And of course if you are not in a position to retire comfortably you will not be in a position to leave behind significant resources to your loved ones after you pass away.
There are some statistics that you would not mind being a part of,like the tiny percentage of people who walk away with a big Powerball lottery win (In fact, joining the ranks of lottery winners is apparently the retirement planning strategy of many.)
On the other hand,you do not want to be a part of some other statistics,and we were recently presented with just such a statistic by the National Bureau of Economic Research.
According to a study they conducted 46% of people who pass away in the United States do so in possession of very limited financial resources if any.As it turns out,46 out of every 100 Americans die with less than $10,000 in total assets.
The study goes on to state that many of the people who comprise this statistic were extraordinarily dependent on their Social Security checks throughout the years leading up to their passing.The average payout at the beginning of this year was just over $1200 per month so we are talking about relative poverty for many individuals.
Now let's come full circle: Let a word to the wise be sufficient.The way to avoid becoming part of this 46% is to develop a cogent long-term financial plan early in your life and subsequently exercise the discipline that it takes to stick to the plan.
ABOUT THE AUTHOR: Alan L Augulis
Experienced estate planning attorneys Warren NJ of the Augulis Law Firm offers estate planning and business planning resources to residents of Warren, NJ.
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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.