It can be difficult to ensure that you have enough funds set aside for retirement and that you’ve done the appropriate strategies and planning to protect yourself later on.
But this also must be balanced with your interest in creating a legacy. How do you know which one should take priority? The truth is that both of these goals of short term financial support and a long term legacy are important and there may have to be tradeoffs as well.
Creative and knowledgeable planning can decrease the possibility of disruption in your life, but only when done with the help of experienced estate planning lawyer in your area.
Longevity is one of the most unplanned for gaps in a retirement plan. A study from 2018, for example, showed that men between ages 60 and 79 have biological ages that were 4 years lower than men in earlier generations. This suggests that not only do they have the possibility of living longer than previous generations, but they are living healthier lives longer.
If you are in the 60 or older age group, this means that you might need to set aside a lot more money than your current plans allow for. 50% of the population lives beyond the life expectancy for the age group they belong to. This creates a longevity income gap that can expose you and your loved ones to unnecessary financial pressure. Set aside time to meet with an experienced and knowledgeable estate planning lawyer and work with your financial professional team to ensure that you have considered possible risks and inflation in the future.