May 17, 2017

A new study conducted by the TransAmerica Study for Retirement Studies identified that up to two-thirds of baby boomers intend to work beyond age 65. Some individuals have no plans to retire at all and at least half of the survey respondents expected to have at least some form of employment during that time. 

Some of the most common reasons for delaying retirement or deciding to work after their retirement age include employer health benefits and the need for additional income. Significant members of individuals share that they simply enjoyed what they did or wanted to stay involved in their vocation.

One of the most important steps to take for anyone who intends to work after retirement is to focus on staying healthy. Many older individuals can be negatively impacted by a serious health care event but planning ahead for the future and having your legal documents in line gives you peace of mind that someone is able to step in and make decisions on your behalf even if you were to become unable to do so. Setting up a consultation with an experienced estate planning attorney is another step that you can take to gain confidence about your future plans and distribute any additional assets you may have as a result of continuing to work past your retirement age.

Monitoring projected retirement income needs can give you a good perspective on what you’ll need to support yourself as well as what you will be able to leave behind as a legacy for your beneficiaries. It is also important to have a backup plan in the event that you suddenly need to retire earlier for health or additional reasons. Contact an experienced estate planning attorney today to learn more.