Setting a time for your future retirement is an important goal, and it’s one that may shift throughout your lifetime. You may consider numerous different aspects in selecting your retirement age depends on a few factors such as your quality of life, your chosen profession, any healthcare issues and intentions for your estate plan. Your retirement goals will influence your saving, investing, gifts made to others, and estate planning strategies across the board. For that reason, your retirement plan should work alongside other elements of your estate and financial plan.
Increasingly, Gen Z Americans are hoping to retire earlier since the 1990s. Studies have shown that Americans are retiring later and later in life, but Gen Z wants to do much better. A recent study from Northwestern Mutual shows that the youngest adults in America hope to retire by age 59. Millennials have their target age set at 61, and the average current adult’s expectation is 64.
Optimism and increased savings may be at play when it comes to setting these additional financial goals, but it is also important to think about whether or not you’ve set aside enough finances to support you in your golden years to support any loved ones such as a dependent child or spouse who may have healthcare needs and have planned ahead for the your own possibility of a disability or long-term care expenses as you age.
Adjusting your retirement goals and discussing other estate planning concerns may be very helpful when done with an experience and qualified estate planning attorney. If you’re thinking about your next steps and want to cover all of your bases, set aside a time for a consultation with an estate planning lawyer in Pasadena, CA now.