When people who are experts in the field attempt to get a feel for how prepared people are for retirement they generally assess the accumulation of financial assets that individuals have when they begin retirement or reach the typical retirement age. This make sense, but in the end what really matters is whether or not you had enough money to last throughout your life regardless of what you had going into retirement.
Given the above it may be a better idea to analyze how much money people had left after they passed away to determine their retirement preparedness. This is exactly what a team of experts from the National Bureau of Economic Research did recently.
The study found that just over 46% of people in America pass away with less than $10,000 in assets. Many of these individuals are heavily relying on government programs for the elderly during the latter portions of their lives as you might expect.
Another finding was the fact that people who were in better financial shape tended to be in better physical shape.
When you consider the fact that the average Social Security payout was just a little bit over $1,200 a month at the beginning of 2012 you can see why relying on your benefit too heavily is going to place you in a precarious situation. Even the maximum payout of just over double that is not exactly a king’s ransom.
To be able to enjoy your retirement while retaining the ability to do something substantial for your loved ones you must plan ahead intelligently and stick to the plan for an extended period of time. If you are ready to get started, pick up the phone right now to set up an informative consultation with a good Indianapolis retirement planning lawyer.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.
Latest posts by Paul A. Kraft, Estate Planning Attorney (see all)
- Can I Challenge My Father’s Death Bed Will? - December 11, 2019
- Are You Cohabitating? If So, Estate Planning Is Essential - December 4, 2019
- What Legal Steps Must Be Taken after a Loved One Dies? - November 27, 2019