If you’ve already completed your estate planning and have been contributing to your retirement savings plan for years, congratulations, because you’re well ahead of the curve.

A recent study completed by Allianz Life Insurance Company of North America indicates that approximately half of retirement savers in the United States believe that they are already too far behind on their savings to accomplish their goals. However, 90% of this group also shared that they felt that accumulating enough savings was critical in being able to enjoy their retirement in the future. These chasers account for Americans between the ages of 45 and 65 still saving for retirement. This group shared that they need assistance with understanding the solutions that could help to close the savings gap by the time they retire. Many of them felt that they were already behind and don’t know how to best catch up. Some of those people are concerned that they will have no chance of being able to retire at a reasonable age or retiring comfortably if they don’t accumulate enough savings, and there are also plenty of savers who have fallen behind on where they should be in order to retire. Most of those same people who participated in the study wanted more retirement savings but were not comfortable with adding additional risk into their portfolio. This can be a significant challenge for a person who recognizes that they might not even be able to afford their own retirement or keep up with the rising cost of health care.

One of the leading concerns for senior citizens today is being able to keep pace with the rising cost of long term care, which can affect you, your spouse or others in your family and put a significant financial dent into your savings. Your savings might already be tapped out by general retirement expenses and failing to consider long term care and benefits of advanced Medicaid planning could be problematic. Schedule a consultation with an estate planning lawyer in Pasadena to learn more.

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