Retirement is an important part of estate planning. The trick is knowing how much you'll need to save. This is no easy task, especially with so many uncertainties in the later years.
As reported in a recent article titled "Overcoming retirement fears" in LifeHealthPro, Legg Mason surveyed 500 affluent investors (those with at least $200,000 in investable assets) and found that 88% were confident that their money would fund their retirement comfortably. Nonetheless, they still had some doubts about retirement. According to the survey, the concerns included:
- Having a catastrophic event that uses up my retirement funds;
- Living longer than my retirement funds last;
- Government not following up on obligations;
- Not saving enough for my retirement; and
- Low interest rate environment.
The biggest concern appears to be a devastating illness, which would be the type of “catastrophic event” as mentioned above. Another survey of high-net-worth individuals (defined as those with at least $250,000 in household assets), conducted annually by Nationwide Financial, revealed that roughly 60% of those surveyed described themselves as “terrified” of how future health care costs could potentially impact their retirement plans.
Don't be terrified. Call us today and get some peace of mind about the future. For more information on this and other elder law and estate planning subjects, contact Idaho Estate Planning and schedule a consultation. Remember, good planning is no accident.