Sometimes individuals look at those around them and feel amazed at how lucky other people are, but is it really luck? This can happen when people who are of retirement age find themselves facing difficulties as they plan for their future. They wonder how they are going to afford to retire and why there are lucky people around them that are able to retire without financial worries.
While some people win the lottery and others are born into extremely wealthy families, the vast majority of individuals who are financially prepared for retirement are in that position because they planned ahead intelligently.
In 2011, LifeGoesStrong.com joined forces with the Associated Press to conduct a poll in an effort to determine how prepared baby boomers were for retirement. They found that around one-fourth of the people who responded had no retirement savings at all!
A high percentage of those surveyed were not confident that they would be able to enjoy a comfortable retirement, and more than six out of ten said that Social Security would make up the majority of their retirement income. Social Security payouts are modest, with the average being less than $1,100 per month in 2011, therefore depending on Social Security to take care of all of your needs is not a good idea.
The reality is that if you and your spouse travel a career path over a sustained period of time and make all the right moves, you should be able to retire in relative comfort even if you would not consider yourself to be wealthy. The key lies in expert planning.
Another part of planning for your future is to have a solid estate plan in place. Our office offers free estate planning seminars and free consultations to those who attend our seminars. We invite you to visit the seminar section of our website at: Seminars. You are also welcome to call our office at (408) 356-9200 or (831) 476-2400 to request a seminar schedule and consultation.
- Do I Pay Income Taxes on Living Trust Payouts? - September 28, 2022
- Litherland, Kennedy & Associates is Walking in the 2022 Walk to End Alzheimer’s. Join Us! - August 29, 2022
- Establishing Health Care Documents for Young Adults – A Mock Interview (VIDEO) - August 27, 2022