2 Major Obstacles to Your Retirement Plans

Posted on: February 9th, 2015 by

Estate Planner - Rockville, MDWhen it comes to retirement, there are many things to consider: taxes rates, vacations, and maybe where you plan on living.  But experts are saying that there are 2 major obstacles that must be factored into your plans: the old notion that, “hey, I can work later in life” and make up for my savings then, and the diagnosis, either by you or a loved one, with Alzheimer’s disease.  Research has indicated that many Americans plan to keep working as a way to make up for not having saved enough or invested wisely enough for retirement, or as a way to keep health insurance.  These are both good reasons to continue working, however, many companies, according to the unemployment reports, are still laying off, specifically, 55 years and older employees.  No assumptions can be made that a job will be there for you when you reach that age or are coming up to that age, so you should look at other options now.  You should speak with a financial adviser, as it is never too late to plan for your retirement, but not doing it at all can prove problematic to your future well-being.

The second possible obstacle is Alzheimer’s disease, either suffered by you or a loved one.  It is estimated that around 5.3 million people now suffer from this disease.  And the prevalence of Alzheimer’s is supposed to grow by at least 80%  by 2025.  You don’t have to go on facebook to realize that there is only one degree of separation between you and someone with Alzheimer’s or dementia; and you may also realize that those most affected by this terrible disease are women.  When families are faced with this diagnosis, they are often left scrambling and are subject to fall victim to any one or all of these fraudulent practices: medical, financial, and legal.  Because of this, understanding that there is a 3-20 yr. lifespan for this disease, and speaking with an estate planner or financial adviser about how to plan for 20 years of dependent care (just in case) is the most responsible financial move you can make.  The second most important decision you must make is choosing your beneficiaries and power of attorney(s).  The more decisions you take control of now, the less worrying you will have later.


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