Baby Boomers’ Retirement Mistakes, Elder Law Attorney, Woodstock, GA

If you want to leave an inheritance for your children and grandchildren, it is important to make sure that your assets are not all spent in your retirement. That requires good retirement planning. Unfortunately, Baby Boomers are collectively making a lot of mistakes.

The best estate plan in the world can be rendered completely useless if there are no assets for the estate to distribute. A trust, for example, is just a piece of paper if there are no funds for the trustee to manage and distribute to beneficiaries.

Despite this truism many Baby Boomers are not properly planning for their retirements, which is a good way to make sure that their estates will lack assets.

Fox Business recently wrote about some of these mistakes in “Baby Boomers’ Retirement Woes Summed Up in 5 Statistics.”

These mistakes include:

Social Security – 59% of Baby Boomers are planning to rely heavily on Social Security. The problem is that Social Security benefits are not designed to provide a full income and they may need to be cut in the future.
No Savings – 45% of Baby Boomers do not have any retirement savings at all.
Postponed Plans – 30% of Boomers report that they have had to postpone their planned retirements due to lack of savings.
Stopped Contributions – 30% of Baby Boomers stopped making regular contributions to their retirement accounts. It is important to make contributions even if you do not think you need any more money in the accounts.
Debt – 44% of people over the age of 65 still have debt that needs to be paid off. Debt payments cut into the amount of money they have for living expenses.

This is not good news for Baby Boomers or the children expecting to inherit from them.

Reference: Fox Business (May 15, 2016) “Baby Boomers’ Retirement Woes Summed Up in 5 Statistics“

Hear From Our Clients

“On the threshold of retirement, we finally decided to quit thinking we could self-prepare the requisite documents. We had previously had only a very simple will. We needed the necessary legal (including updated will) & health care docs but didn’t want to deal with the time & complication of legalese. Cindy made the process relatively painless. She took the time to explain and answer questions without trying to upsell services. We were done in 2 meetings plus the reading of emailed drafts. In addition to preparing the documents, Nelson Eldercare will be there when our adult children need advice on executing the plans we’ve put in place.So glad it’s behind us and would recommend Cindy and her helpful staff.”

- Bonnie

Cindy and her company treat their clients like family. Nelson’s offers clear, direct, and honest guidance in planning for your families security and future. No one wants to actively sit down and make these decisions, but Nelson’s makes this process seamless. I was so impressed with their willingness to answer all questions big or small. So glad I made the decision have them help my mom and dad and now me. You can’t go wrong with Nelson’s Elder Care Law.

- Hope

The very best elder law attorney and staff anyone could ever ask for! I have referred a number of clients to Cindy and she never disappoints. She is kind, caring, and extremely thorough in making sure everything is completed as it should be. I highly recommend Cindy for anyone needing lawyer services; she truly goes above and beyond for every client she helps and has had a huge impact in so many peoples’ lives. Thank you, Cindy and staff, for everything that you do- I’m so glad to know you!

- Kerri

I heard Cindy’s presentation at a Senior Luncheon at my church, and was very impressed. She helped my daughter and me understand many aspects of elder law. Josh has also been very helpful in my planning to enter an independent living situation . I have told many friends about them.

- Charlotte

Cindy and the Nelson Elder Care Law team are trustworthy and helpful. They are the experts in elder care law. At Leaf Cremation, we entrust our families to the care of the Nelson team when their services are needed.

- Pierce