March 2, 2022

When looking to your own future, there are three big concerns: retirement, long-term care planning, and estate planning. In many ways, the plans for each of these intersect and influence each other. You might have funds set aside for your retirement that are also earmarked for a loved one.

New research from the Senior Citizens League shows that inflation is having negative impacts on retirement savings. In fact, more than 60% of retirees who responded to the survey indicated that their savings had dropped by 10% or greater in 2021. Medical services and health care costs have continued to rise, making this especially important for older adults to think about the possibility of covering long-term care expenses.

A February report indicates that the January consumer price index in the United States grew by 6%, which shows that inflation is still rising and causing negative impacts for consumers of all ages. The biggest increases in consumer prices were in gasoline, used trucks and cars and overall energy.

Although these issues don’t affect retirees as much, many people may be dipping into their savings for a variety of reasons, such as retiring early or spending greater funds on health care than anticipated. In order to create a comprehensive estate plan that protects your individual needs and helps provide for your loved ones in the future, you need the support of an experienced estate planning lawyer.

Although you can’t predict the future, you can pick a retirement and estate strategy that helps support you for many years after you leave the workforce. Get your questions answered by speaking with a NJ estate planning attorney today.