Life expectancies are getting longer, and more people are living to older ages than could have been imagined just a few decades ago. As Long Island estate planning lawyer Mark Eghrari explains in an article in Forbes, many seniors are also hoping to remain independent and continue living in their own homes for as long as they can.
While a longer life is a good thing, living longer unfortunately increases the risk of running out of money during the course of your retirement. This could create significant hardship, especially if you are hoping to maintain your home.
It is important to try to make plans for a secure retirement so you do not end up running out of money when you need care as a senior. To make sure you are able to save enough money to last you throughout the course of your retirement, you should consult with a certified financial planner to discuss your situation and to set clear, achievable goals. You also need to create an estate plan that incorporates tools like a living trust, power of attorney, and estate planning letters.
You can find out more about the steps you should take to prepare for a long life during retirement by visiting Forbes to read the rest of the article. If you are ready to make your personalized estate plan that incorporates asset protection and that will give you the tools you need to protect your wealth and hand it down to the next generation, give us a call at (631) 265-0599 or contact us online today.
- How to Maximize the Benefits of Charitable Gifting in Your Estate Plan - February 14, 2024
- 2024 Medicaid Guidelines for New York Seniors - February 7, 2024
- Young Adults and the Importance of Estate Planning - January 31, 2024