Posts tagged "retirement planning"
Many people think that if they draft their will, open up a retirement account and draft powers of attorney, then their estate plan is complete for the duration. What people don't realize, however, is that comprehensive estate planning -- planning that truly sets you up for retirement, reduces tax liabilities and preserves assets for your heirs -- is not complete unless assets are structured in such as way as to eliminate unnecessary tax burdens and risk.
Research shows that more than half of us will underestimate how much money we will need to live on in retirement, primarily because most of us also underestimate how long we will live. But with the average life expectancy at an all-time high and rising, pre-retirees need to get a realistic grip on planning for a financially secure retirement.
According to the Census Bureau, there are more Americans aged 65 and older now than at any other time in U.S. history. Unfortunately, many of these older Americans have also been forced to retire due to the Great Recession and an inability to find new jobs.