Indianapolis retirement planning lawyers help seniors to make plans for a secure retirement so they will not need to worry about how to support themselves during their golden years. Unfortunately, a substantial number of people who are in retirement or who are nearing retirement do not have enough money saved to live comfortably throughout their lifetimes.
Many people believe they can rely on Social Security to pay for costs of living during retirement, but unfortunately this is not necessarily the case. Social Security payments are often too low to provide for everything that a senior needs, especially given the high costs of healthcare for seniors.
Not having enough money during retirement, or running out of money before you reach the end of your life, can be a major problem- especially if your health issues or age make it impossible for you to get a job and earn any income once the money has begun to run out.
Frank & Kraft can help you to make plans for retirement savings as early as possible in your career so you can have money to live on and not have to worry about running out of cash during your golden years. Our legal team can also help you to plan withdrawals from retirement savings so you can try to make your money last. Unfortunately for many seniors, however, making ends meet will still be difficult. In fact, as CBS 4 Indy recently reported, many seniors are increasingly turning to food banks when they fall short of funds.
Seniors Increasingly Turning to Food Banks for Help in Indianapolis
Gleaners Food Bank is a food bank that is located within Indianapolis. Gleaners reports that as many as 81 percent of all senior households within Central Indiana are “food insecure,” which means that there is not enough funds available all the time for seniors to know where their next meal is coming from. The situation is also getting worse, according to Gleaners, which has indicated that the number of clients who are senior citizens is growing every year at the food bank.
Currently, around 12 percent of the people who come to the food bank are elderly, but this number is increasing. Seniors tend to feed their children and their grandchildren first, which often means that there is simply not enough food left for them to get the nutrition that they need on a daily basis to stay healthy as they get older.
In order to try to ensure that this vulnerable population has sufficient access to healthy foods that they need, Gleaners has a special day for elderly people called Senior Shopping Day. Senior Shopping Day is held on a monthly basis for older people who use the food bank. Seniors can come on this special day to receive free fresh food and to have extra time to shop for the things that they need. The president and CEO of Gleaners Food Bank told CBS that “by having a supplemental day just for them the hope is they do have enough food for themselves.”
One senior who came to the event has a total income of just $800 a month, and said that the Gleaners Food Bank can make all the difference in whether she can eat or is forced to forego eating entirely on some days of the month.
The Mayor of Indianapolis recently visited with seniors at Gleaners Food Bank on senior shopping day and handed out fresh produce to the elderly people who need help. Unfortunately, there are far too many people who do not have the funds they need during their golden years and who are forced to rely on programs like Gleaners Food Bank simply to get enough to eat.
Getting Help from Indianapolis Retirement Planning Attorneys
Frank & Kraft will work with you throughout your career to determine your goals for a secure retirement and to try to meet those goals. We can help you to make use of accounts that help, such as a 401(k), IRA and other tax-advantaged retirement accounts. We will also work with you to find ways to automate your investing and to evaluate investment opportunities you may be considering to ensure that those opportunities are legitimate ones.
We know that saving enough for retirement can be a challenge, so to find out ways that our firm can help, join us for a free seminar. You can also give us a call at 317-684-1100 or contact us online to get personalized help from Indianapolis retirement planning attorneys with making your plans for financial security during retirement.
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.