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Retiring Later

Over the last 30 to 40 years, the U.S. has seen two trends that have led people to want to stay in the workforce past the traditional retirement age of 65.

The first is that people are living longer and are more capable of continuing to work in their 60s.  The second is the decline of defined benefit pension plans and the rise of 401(k)s, as many people do not save nearly as much in their retirement accounts as they should.

Adjusting to these factors has been difficult both for the employees who want to or need to continue working and the companies that employ them, as the Washington Post reports in “Retirement, deferred: workers — and companies — grapple with a new reality.”

Some companies have created special programs for older employees that allow them to stay on the job and gradually wind down.  However, these programs are not as popular as many had hoped.  This is because employees fear that entering them will put them out of line for raises and many of the programs have fixed schedules under which employees must retire.

Other companies are attempting to better assist their employees with finances, either by offering retirement education or increasing the amount companies contribute to employees’ retirement accounts.

There is no simple solution to this problem.

Older workers would like to be able to retire.  Companies would normally prefer that their loyal employees have that option, so younger workers can rise up and take their places.

Reference: Washington Post (July 19, 2017) “Retirement, deferred: workers — and companies — grapple with a new reality.”

Hear From Our Clients
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“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.”

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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.

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