Professional Documents
Culture Documents
The average benefit for a single individual in 2013 is estimated at $1,261 per month. The average benefit for an eligible couple is $2,048. This type of money is not going to finance a truly comfortable retirement.
resulting in approximately 10,000 people applying for Social Security every day.
46% of single senior citizens rely on Social Security for at least 90% of their income, and this is true for 23% of the married couples who are receiving Social Security benefits.
According to the United States Department of Health and Human Services, once you reach the age of 65 there is a four out of ten chance that you will require a stay in a nursing home at some point in the future. Most people who reach this age will need some type of living assistance eventually.
http://www.attorneyoffice.com
Each year the MetLife Mature Market Institute puts out a survey on the current state of long-term care costs. In 2012, the average annual expense for a semiprivate room in a nursing home in the United States was just over $81,000. A private room averaged $90,520 annually. The U.S. Department of Health and Human Services tells us that 10% of people who need nursing home care will stay in the nursing home for at least five
Many baby boomers have not planned ahead appropriately and they may be forced to pay a hefty price.
years.
Law Office of Roy W. Litherland 3425 S. Bascom Ave, Ste . 240, Campbell, CA 95008 408-356-9200 roy@attorneyoffice.com
Conclusion
When you look at all the facts, you come away with the realization that it takes careful advance planning to prepare for your active retirement years and
http://www.attorneyoffice.com
the twilight years that will follow. Clearly, many baby boomers have not planned ahead appropriately and they may be forced to pay a hefty price. The wise course of action is to devise a cogent plan for the future with the assistance of a licensed and experienced attorney who has a background in elder law, retirement planning, and estate planning. Your lawyer will gain an understanding of your retirement and legacy goals, evaluate what is realistically possible for you, and create a cogent plan that leads to the fruition of these goals. If you go forward living in the moment without expert guidance, you may be among the many who will never be able to retire.
References
Social Security Administration http://www.ssa.gov/pressoffice/basicfact.htm
About the Author
http://www.attorneyoffice.com