It is no surprise that only 9% of Baby Boomers stated in a new Associated Press poll that they were “strongly convinced” that they would be able to live comfortably when they retired. With financial affairs in flux for many members of the 77-million strong Baby Boomer generation, many are beginning to reevaluate their retirement plans. Our New York elder law estate planning attorneys know that a growing number of local residents find themselves worrying about whether they will be able to live out their golden years in comfort.
One single 53-year old woman profiled in an Associated Press story on the Baby Boomer retirement situation explained that she once planned to retire at sixty and move to the beach. Those plans changed when her pension was eliminated five years ago, her personal investments tanked, and her home of 21 years lost half its value. Now she is not sure what her future holds, but she doesn’t expect to move any time soon. When asked about potentially moving when he retired, a 60-year old small business owner explained, “It just depends on what happens to the economy. I’d like to find someplace warmer and doesn’t have the high taxes, but we’ll just have to see.” Many local residents find themselves in the same situation.
The latest poll on the topic found that about 60% of Boomers had retirement plans, personal investments, and real estate that lost value in the latest recession. As a result, more than half of that group expects to delay their retirement. According to the research, 73% of respondents claimed that they will continue to do some work even after they retire. These delayed retirement plans have also led many Boomers to admit that they no longer expect to move out of their current home, and a majority claim that they plan to live out their golden years exactly where they are now. Other priorities for soon-to-be retirees include living near their children and being close to necessary medical care.
The New York elder law attorneys at our firm know that while the goal of many local seniors and older residents is to age in place, that plan may be altered if proper New York long-term care planning is not conducted. The costs of services that a senior may likely need are often quite high. However, steps can be taken ahead of time to ensure that resources are available to pay for those services. No matter how close one is to retirement or how much the recession has affected investments, it is wise to visit with an experienced professional to prepare for long-term living and healthcare needs.
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