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Home » Elder Law » Elder Law Alert: Baby Boomers Unprepared

Elder Law Alert: Baby Boomers Unprepared

October 7, 2011 by John Potter

Elder law attorneys are well aware of the fact that the population is aging very rapidly at the present time, and this reality is starting to seep into the public consciousness as a whole. The generation known as the “baby boomers” is now starting to reach the age when people typically retire, and in fact huge numbers of people are applying for federal retirement benefits every day. This high number of applications is expected to continue for some 20 years, so there’s a lot of interest by elder law demographers in the preparedness of these people for the latter stages of their lives.

To try to get a handle on the matter a poll was recently conducted by the Associated Press in partnership with LifeGoes Strong.com and it yielded some very interesting and telling results. 44% of baby boomers who responded to the poll stated that they lacked confidence that they would be capable of retiring in financial comfort.

The median amount of retirement savings that these individuals had was $40,000, and that’s not going to get you very far. About 25% of the poll respondents stated that they would never retire because they do not have the financial resources to do so.

A lot of people are lulled into the illusion that Social Security and Medicare will take care of everything when they become eligible for these programs, and this is why they make no advance preparations. But the average Social Security benefit in 2010 was $1072, and given budget constraints in Washington it is unlikely that large increases will be forthcoming anytime soon. And of course Medicare doesn’t cover everything, and there is in fact talk of cuts in Medicare as well because of solvency concerns.

In the final analysis, if you want to be ready for all the eventualities of aging you have to take personal responsibility for your own financial well-being. If you don’t know where to begin, the wise course of action would be to arrange for a consultation with a financial advisor or an experienced elder law attorney.

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Filed Under: Elder Law Tagged With: Elder Law, Long-Term Planning

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Overall The Potter Firm was very professional. They took what could of been a very complicated process and were able to break it down so it was a lot easier to understand. We are confident we now have made the right decisions in our estate planning. Good firm to work with.

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John Potter has been a real pleasure to work with. He is very knowledgeable and explains things in a very simplistic manner so the average person can understand how/why the laws are written. He is very attentive and asks questions in such a way that not only helps him understand your goals, but also helps you think about what type of goals and expectations you should be considering. Exemplary client service.

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My husband and I selected Ms. Potter to assist with our small business. She responsive and attentive every time I have a question or need assistance, and is extremely knowledgeable and able to answer any legal question I have had. I know I can count on Ms. Potter for all of my business legal needs and I would highly recommend her to anyone needing legal assistance with such.

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