A Halloween riddle for you: What’s scarier than ghosts and goblins to Americans 50 and older? Answer: Their finances.
That’s the upshot of the latest Country Financial Security Index, and two other surveys I’ve seen lately back it up. In fact, there’s a strong case to be made that many boomers have grown truly scared of investment risk as a result of what they experienced in the 2008-2009 financial crisis and market crash. The new survey of 1,000 adults from Country — a group of insurance and financial service companies — found that 81% of people 50+ have at least one financial fear. What spooks them most: being able to afford health care expenses and being able to retire comfortably. Women 50 and older were more likely than men to worry about being able to retire comfortably, 34% (men) vs. 39% (women) cited this as a fear.
Forbes recently published an article, “What Spooks Us Most About Money,” in which they reported that health care expenses are the biggest fear among Americans 65 and older, according to the survey. Compare that to the top worry of Millennials, which is affording their rent or mortgage.
But here’s the scariest part of the survey: about 21% of the 50+ respondents said their financial fears are holding them back from reaching their goals. That’s gotta give you some elder law chills! Many people 50+ are also undoubtedly scared of what will happen to their financial assets after they die and whether their loved ones will receive proper care.
The whole subject of elder law gives some people the willies. It is scary to think about dying and planning for what may happen after your death. But not thinking about it could wind up haunting your family for years to come.
If you fail to name guardians for your children in your will, the court might name them for you. And if you don’t have a written estate plan, your wealth could go to heirs you hardly know or do not want to have an inheritance.
Sit down with a qualified elder law attorney and have her draw up a will, financial power of attorney, healthcare power of attorney, or trust, if you haven’t done so already. Ask if it would be wise for you to have one or more trusts, which can be extremely helpful if you have children or grandchildren with special needs.
Reference: Forbes (October 30, 2015) “What Spooks Us Most About Money”
“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.”
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.
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!
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.
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.