Planning ahead for the future is very important because your ability to earn may not be what it once was when you reach your elder years.
If you don’t take advantage of your prime earning years to feather your nest for your retirement and the twilight years that will follow, you could find yourself in a difficult position toward the end of your life.
People are living long lives these days, with the average lifespan for a 60-year-old woman being about 85 years. Perhaps surprisingly the 10 year age group between 85 and 94 grew faster than any other between 2000 and 2010 according to the United States Census Bureau.
This type of longevity is fantastic on the one hand if you can stay healthy, but the longer you live the more money you are going to need to be able to pay your way and leave behind something for your loved ones.
There is also the possibility of incurring long-term care expenses, and they are considerable. The MetLife Mature Market Institute tells us that the average annual expense for a year in a private room in a nursing home in 2012 was just over $90,500. This figure is higher in the state of California.
Without question, careful advance planning is the key to a comfortable and secure future. As an elder law attorney with two geriatric care managers on my office team, I have a thorough understanding of what lies ahead and how to prepare for the eventualities appropriately. If you want to get started working on a plan, give us a call at 408-356-9200 or 831-476-2400 to set up an appointment.
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