Lack of access to retirement programs, inertia and short-term thinking are just a couple of the challenges facing Americans as it relates to retirement planning. Study shows that plenty of people are living longer and retiring later than ever before. But far too many of those individuals affected by these statistics are not appropriately planning for retirement.

Individuals who fail to save for retirement frequently have no access to an employer-managed retirement program and have no idea how much money they need to save. Other individuals who have failed to take the necessary steps with regard to their retirement feel that they don’t have the right financial awareness to make these investment decisions and working longer seems to be their default retirement strategy as a result.

Natural behavioral factors of humans and a combination with short term horizons, lack of access to retirement savings plans from employers, and limited financial knowledge, all work against people who ultimately want to retire and understand what they need. Strategic behavioral nudges, such as:

  •      Automatic retirement contributions
  •      Expanding employer based savings
  •      Further financial education,

can all help an individual who is thinking about the benefits of retirement planning to actually articulate these and ensure that their needs are considered carefully. There are so many different things to consider as you approach retirement, not the least of which is the intersection between retirement planning and estate planning. Having an attorney who can guide you through these complicated aspects of your life is extremely important.


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