A New York estate planning lawyer knows that there is never a bad time to prepare and plan for your financial future. Some area community members, however, don’t begin to seriously consider seeking estate planning help until their mind turns toward retirement. Busy New Yorkers often figure that they can push off asset planning until sometime down the road.
However, as a recent study summarized in the Journal of Accountancy this month explained, the previous retirement plans of many aging residents have recently changed in light of the national economic climate. Many baby boomers are finding themselves in situations that they did not expect. A survey of CPAs noted that nearly 80% had clients whose retirement has been delayed because of economic concerns. About a third of those individuals are expected to work an additional three years, another third an additional four to six years, and the remaining third even longer.
However, regardless of the changing work and financial situation of many area residents, there is no reason for local baby boomers to put off contact with a New York estate planning attorney. The benefits of talking with a professional in this area and learning about the options available to you remain striking.
Categorized as those born between 1946 and 1964, baby boomers represent roughly 77 million Americans or 37% of the nation’s population. This year marks the first time when some of that group of citizens will turn 65 and begin to retire. However, as this study demonstrated, the financial situation of many seniors in this group remains complicated.
One individual involved in the research explained, “Boomers have been scarred by the economic turmoil of the past few years and face complex challenges going forward.”
The best time to get in touch with a New York elder law estate planner is now. No one will ever know for certain what their future will hold. The most prudent course of action is always to ensure that financial matters are prepared well in advance both to take care of oneself as well as loved ones. Whether you are already retired, retiring this year, or working for years into the future, there are many immediate benefits to understanding how your affairs can be structured and protected.
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