It is important to plan ahead with clear vision when you are making preparations for the future. Otherwise, you may find yourself in a difficult situation as your senior years start to come into focus.
A very high percentage of Americans fail to plan ahead for retirement, and one of the reasons why they don’t prioritize it is because they expect Social Security to be sufficient. If you are under this impression, you should understand the limitations of Social Security.
The average benefit will fluctuate somewhat, but the Social Security Administration reports that the average monthly benefit last year was $1,082. While you may receive more than this average, you can see that Social Security alone is not going to finance a comfortable retirement.
Another thing to consider is the possibility of incapacity, especially in light of the fact that approximately 50% of people who reach the age of 85 suffer from dementia. It is important to take action to name people of your choosing to make decisions for you should you become unable to make them for yourself.
Financing long-term care is another consideration. The majority of senior citizens will need long-term care eventually, and this care is quite expensive.
The key is to be aware of the possibilities that loom in the future and then plan ahead intelligently to address them. This is best accomplished with the assistance of an experienced northern KY estate planning attorney.