Baby boomers are one of the biggest sections of society considering the estate planning and retirement planning process. According to a new study published by Bankers Life Center for a Secure Retirement, baby boomers have a lack of trust in institutions that has led to a permanent financial problem for many of them.
Ten years after the financial crisis started in 2007, only 2% of baby boomers with median incomes felt that the economy had completely recovered. This has required many boomers to adjust their retirement expectations. Although the middle-income boomers who participated in the study still indicated that they plan to retire, the crisis has forced them to reconsider their expectations for what their retirement will actually look like.
One important consideration in this is adjusting your estate planning documents and considering long term care insurance to help with any additional health costs that may emerge suddenly after an accident or diagnosis. The assets you may have set aside for your loved ones may need to evaluated carefully if you need help with nursing home care, for example. How your retirement assets affect your ability to qualify for Medicaid is another crucial conversation you will want to have with your estate planning attorney.
The latest report conducted in the study indicated that up to 84% of boomers in the median income range took a minimum of one step to adjust their spending behavior after the recent financial crisis. To learn more about the estate planning process and how it can work hand in hand with retirement planning, consult an experienced estate planning lawyer today.