Ada-Icon
Required

Unexpected Expenses Delay Retirement for Many

The average American who lives to retirement age today, is living much longer than people used to live after they retired. Since the amount they saved for retirement was likely based on projections of having shorter lifespans, people are finding that they have not saved enough to meet their expenses.

To overcome that shortfall, many elderly people are turning to their children for assistance.

Unfortunately, that can create a problem for the children.

Those children with elderly parents who need assistance are now starting to enter retirement age themselves. They often did not save enough to take care of themselves and their parents.

Some of them are having to delay their own retirement as a result, as the Wills, Trusts & Estates Prof Blog discusses in “More Retirement-Age Clients Facing, New Unexpected Expenses.”

This problem can be expected to get increasingly serious, as more elderly people continue to live longer. There is no easy solution.

Longer lifespans are already expected to put deep financial strains on Social Security, Medicare and Medicaid in the near future, so a government-based solution is not likely to be forthcoming soon.

If anything, the government will try to fix the finances of current programs, rather than come up with new programs.

For now, the best solution is at the individual level.

If you can afford to, you might want to save a little bit more for your own retirement than you think you will need, in case you need to help your parents.

Reference: Wills, Trusts & Estates Prof Blog (August 16, 2017) “More Retirement-Age Clients Facing, New Unexpected Expenses.”

Hear From Our Clients
tes-prev
tes-next

“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