Most people would like to be able to leave behind something to their loved ones after they pass away, and you may think that the vast majority of individuals are in a position to do so. However, a recent study that was conducted by the National Bureau of Economic Research tells a different tale.
It turns out that 46% of Americans pass away in possession of less than $10,000 in financial assets. Many of these individuals wind up being almost totally reliant on government programs during the latter portions of their lives. Undoubtedly golf, fine dining and travel are not on the agenda for these seniors.
The study also discovered that senior citizens who have more than ample financial resources during there retirement years are generally healthier than those who are barely getting by.
When you digest the above you recognize the importance of planning ahead. If you do in fact want to be able to leave behind a robust legacy after having enjoyed your golden years you must do what it takes to accumulate the necessary financial resources.
Simply relying on programs like Social Security and Medicare is not the answer. These are safety nets, not comprehensive retirement solutions.
If you get started early enough and stick to an intelligently conceived plan for the future you should be able to achieve all of your long-term financial goals. To discuss your situation with an expert, take action right now to arrange for an informative consultation with a licensed and experienced Willoughby OH estate planning lawyer.