925.244.1185
San Ramon, CA

Horizon Elder Law & Estate Planning Blog

Friday, September 15, 2017

The Costs of Living Longer

How can I plan for the expenses I may incur as I age?

With ever increasing medical advancements, people today are living far longer than our ancestors.  Since just the 1970’s, life spans have increased more than a decade.  While living longer is surely a blessing, it can come at high financial costs.  It is believed that by 2022 there will be at least 4.3 million seniors living in poverty or near poverty.  Planning and taking advantage of existing programs for retirement can help you to cope with the high costs of aging.  Our California elder law attorneys discuss some tips for preparing for your senior years below.  

Do Not Rely on Social Security

Social Security was designed to provide financial support for seniors, but the system is struggling to keep up with the sheer number of elderly Americans.  It is believed that by 2033, Social Security will pay out only around 75 percent of promised benefits.  While this may still be of assistance to qualifying seniors, you should not anticipate using Social Security as your sole source of income.

Save Early

The earlier you can start saving for retirement, the better position you will be in later in life.  Make saving for retirement a part of your routine expenses.  Set aside what funds you can in a safe investment account.  Consult with an elder law lawyer for some ideas on how to maximize your retirement savings.

Use a 401(K)

One of the best ways to amass a retirement savings is to select a job with a good 401(K) package.  401(K)s are offered by many employers, and often employers will match your contributions.  Contributions are made before taxes.  By starting a 401(K), you can contribute tax free and may be able to save considerable funds.  

Make an Estate Plan

Part of preparing for aging is creating an estate plan. Your estate plan can save your heirs tremendous money in taxes and time.  Without an estate plan, your hard earned assets could go to relatives you would not have selected, and a significant portion may go towards taxes.  Contact an elder law attorney for help with making your comprehensive estate plan.

 


Archived Posts

2019
2018
December
November
October
September
August
July
June
May
April
March
February
January
2017
December
November
October
September
August
July
June
May
April
March
February
January
2016
2015



© 2019 Horizon Elder Law & Estate Planning, Inc. | Disclaimer
2333 San Ramon Valley Blvd., Ste. 145, San Ramon, CA 94583
| Phone: (925) 244-1185

Elder Law | Estate Planning | About

Law Firm Website Design by
Amicus Creative