How Much Do Your Retirement Plans Resemble Everyone Else’s?
If you are a Baby Boomer or a member of any of the generations that succeeded the Baby Boomers, you probably like to think of yourself as a maverick, a true original. You might have your future all planned out to the last detail, and they are probably details that you think no one else would ever dream up. Perhaps you plan to spend the winters sharing a house in Orlando with three of your former sorority sisters, attending live Christmas carol concerts at the Disney theme parks all holiday season long, and spend the summers traveling around the country in an ice cream truck repurposed as an RV, with a shih tzu named Figment as your only constant companion. It is true that no two people’s visions of a happy retirement are identical, but there are some major trends in retirement planning, and your vision probably fits into one of them. There are no right and wrong answers when it comes to making financial plans for retirement and beyond, but an Orlando estate planning lawyer can help you refine your plans so that they are practical and then implement them.
What Young People Think About Retirement
The current generation of retirees left the workforce at age 66, but most people under 30 aspire to retire earlier than that, according to Jordan Rosenfeld of Yahoo News. Given that the average age when people start contributing to employer-provided retirement savings plans is 27, Rosenfeld contemplates that young people might not realize how much retirement costs. Once people reach age 30, they become emotionally invested in their careers, as well as getting a clearer picture of what their living expenses will be long-term, and fewer of them set their sights on early retirement.
Life Is More Expensive Than You Think It Is
Currently, only 77 percent of working adults are contributing to retirement savings, but even the ones who have a retirement account set up are finding it challenging to continue contributing to it. The average amount that working adults have saved is just over $107,000. This means that, if they were to retire at age 65 and reach the average life expectancy, their retirement income would be only $310 per month. This is a meager income even for the most frugal among us. To make matters worse, just under half of working adults have withdrawn money from their retirement accounts before retiring. This is very expensive because of the penalties that you must pay if you take money out of your retirement account early. An estate planning lawyer can help you downsize your expenses and invest your money strategically so that you can avoid the perilous route of withdrawing money from your retirement account early.
Contact Gierach and Gierach About Planning for a Comfortable Retirement
An estate planning lawyer can help you work toward an affordable lifestyle for an enjoyable retirement. Contact Gierach and Gierach, P.A. in Orlando, Florida to discuss your case.