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

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

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

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

Josh Nelson, and his staff, have been amazingly helpful to our family. The ins and outs of nursing homes, the rules and regulations that govern Medicare and Medicaid are daunting and the folks at Nelson Elder Care Law have been informative, responsive, and above all, empathetic. I cannot emphasize enough how their service has taken a weight off of our shoulders especially during a world pandemic that has targeted nursing homes across our country. I highly recommend retaining Josh and his firm!

- Marcia

I had a simple legal question to them that I needed answered and they very helpful in giving me the information I needed. I highly recommend them and will reach out to them if I need more advice or assistance. Thank you for taking your time to just answer a couple of questions I had!

- Ben