October is national Financial Planning Month and this is a perfect time to evaluate your current plans and to determine any gaps you have to establish a firmer financial future. A recent study completed by Go Banking Rights determined that 64% of respondents in the United States say they are not prepared for retirement.
The good news is that no matter your age, there are still steps you can take to help protect your retirement and set you up for successful older years. Regardless of your income level, it is critical to have enough money set aside for retirement. There are far too many cases where people don’t plan appropriately and don’t have a budget to protect them. It’s a good idea to expect to live longer than you think you will.
A 65 year old today in America can be expected to live another 19-21 years on average. This means that Americans will have a much longer retirement than their parents did. Couple this with the fact that you might face long term care health expenses during that same period and it is critical to have an estate plan and financial plan that consider these possibilities.
Another good thing to keep in mind as you approach the retirement planning process is to anticipate spending more than you expect. Many Americans spend almost as much in their retirement years as they did during their working life.
Even if you have paid off some of your substantial debts, this can still be very problematic from a financial planning perspective. Make sure you consult with a financial advisor and an estate planning attorney in CA to discuss the specifics of your case and how to plan strategies for the future.