Many are concerned that their Social Security will not be sufficient to support them let alone finance the type of retirement that they would like to enjoy.  Social Security payments are minimal, with the average monthly benefit being less than $1240 as of this writing.  Someone who retired this year having paid the maximum amount into the program over 35 years would receive $2513 per month.  Even this maximum benefit is relatively modest when you consider the cost-of-living.
Tthe Social Security Administration recently announced an adjustment to account for inflation in 2013. This year the Social Security COLA was 3.6%, but next year it is going to be just 1.7%.  With these modest cost-of-living adjustments the need to plan ahead to feather your own nest becomes all the more apparent.
Medicare Part B is the portion of the program that is devoted to paying for outpatient services and visits to doctors. People who are participating in the program must pay a monthly premium. This premium is deducted from the Social Security payments of seniors who are enrolled in the program.  These premiums are going up by about seven dollars per month next year, so this will cut into the cost of living adjustment.
If ydon't want to be concerned about nickels and dimes when you retire plan ahead intelligently, stick to the plan, and live out your retirement dreams.

Estate planning attorneys have noticed an interesting trend emerging in the United States.
There was a 14% increase in the numbers of people who are at least 60 years of age who are living with someone as a domestic partner according to a 2008-2010 United States Census Bureau survey as compared to 2005-2007 numbers.
In most cases the underlying reason that so many seniors are choosing to live together is that marriage can have negative financial implications.
Retirement pensions are one of the concerns. Many pension plans allow for the surviving spouse of the individual receiving the pension to continue to receive survivor's benefits after the death of his or her spouse.
Given the limited income that is provided by Social Security this survivor's pension can be the difference between relative poverty and a comfortable lifestyle.
In many instances the rules governing the survivor's pension state that it will no longer be paid if the recipient was to get remarried. Because this income can be so important to many individuals they simply don't get legally married.
There are other financial reasons why seniors choose to remain unmarried, not the least of which are the preferred tax benefits of a single person. If you make the choice to remain single, but live with your new partner, you must be certain that you have executed all of the appropriate estate planning documents.
The law will not recognize your significant other if you were to become disabled, need medical decisions to be made for you, or pass away without recording your wishes in a legally binding manner. However, with a visit to a good estate planning lawyer you can make sure that you and your partner are provided for come what may.
With a proper estate plan you can not only provide for your domestic partner, but you can also include an incapacity provision empowering your partner to act as your representative and handle your affairs if you were to become unable to make sound decisions at some point in time. You can also allow them access to you if you are hospitalized and name them to make medical decisions for you in your advance directives, should you choose to do so.

Comprehensive retirement planning is going to involve deciding where you would like to live after you put your working years behind you. People who live in many of the states have incentives to relocate. Some are  looking for warmer climates, and financial matters can enter the equation as well.
Certain states have better tax structures for retired individuals than others, and in fact here in Nevada we are fortunate in a number of ways. Indeed, Nevada residents who are planning for retirement have some incentives to stay right at home.
We are one of the handful of states that does not have an income tax on the state level. This is a huge advantage and it is something to keep in mind if you are considering the possibility of relocating after you retire.
Another thing to consider is the legacy that you will be leaving behind to your loved ones. Some states have an estate tax on the state level. A few have an inheritance tax, and New Jersey and Maryland have both of these taxes on the state level.
There is no type of death tax on the state level here in Nevada.
If you are concerned about taking tax efficient steps as you are preparing for retirement you would do well to consider the advantages that we are enjoying right here in the Silver State. Most people would not want to make a move that results in an increased tax burden at a time when they are going to start living on a fixed income.  Also, if you are looking for mild sunny winters, Southern Nevada is certainly a viable option.

Retirement planning requires a firm understanding of all relevant facts, so changes to the Social Security program are certainly something to monitor.
For most people Social Security is going to be an important income stream during retirement. By no means should you depend on it as your sole source of income, if you can avoid it, but it is certainly going to help.
Up until last year the Social Security Administration sent out statements annually to people who have been paying into the program. When you think about the volume of paper involved in something like this and the cost of postage you you realize that this is a very big expense to the government.
Since we live in the digital age and almost everybody is online the SSA made a shift. The statements are no longer being mailed to anyone who is under the age of 61.
However, it is possible to create a My Social Security account on the SSA website and gain access to your statement whenever you would like to see it.
In addition to this there has been a new announcement from the Social Security Administration. As of March of next year paper checks will no longer be an option. Recipients of Social Security are going to have to set up direct deposits or agree to payment through the loading of a special type of debit card.
Officials say that this move along with the discontinuation of some other types of government benefit checks will save some $1 billion over the next 10 years. These savings will certainly be welcomed by those who are concerned about the costs associated with administering the program.

Some need the money and postpone retirement or get a part-time job; others simply have the urge to keep  busy in some constructive way during retirement and choose to do some type of work.
These days financial planning experts often write about the value of working longer. This can be necessary if you simply need more time to accumulate the resources that you need to retire. Others who don't absolutely have to work choose to do so because they want to have plenty of discretionary income so they will never be pinching pennies. Some simply feel the need to remain productive.
When you think about working during what would otherwise be retirement you can expand your vision; you are not limited to what you have been doing throughout your career. There are many different ways that you can make money from the comfort of your own home from freelance opportunities within your areas of expertise to maintaining an online store.
You could also consider going into business for yourself outside the home in a store or office. Many people incorporate their passions into a business later in their lives, such as a flower shop or a restaurant.
It is certainly nice to have a source of significant income going into your retirement years to make your Social Security benefit more of a supplement and less of a staple. You are in fact allowed to earn any amount of money while receiving Social Security without being penalized once you reach the age of full eligibility.
If you look ahead and take the appropriate steps you can potentially step right into your own business and work a bit on your own terms during your retirement.
 
 

Many people trade up throughout their lives and live in increasingly more valuable homes. This can provide you with an ever-improving quality of life while you put your money into real property. Depending on the markets this can be an efficient course of action all around.
Keep in mind, however, that you will still have to pay property taxes after the home is paid for during your retirement years. Getting a rather large annual bill is something that you have to prepare for when you are budgeting for the future.
Apparently a lot of people fail to do so.  At least $7 billion in property tax liens are imposed each year according to the National Tax Lien Association. This statistic includes all people who are delinquent on their taxes and not just retirees,but a number of retirees are at risk when they fail to put adequate money aside for the big tax bill.
Individuals who fall behind on their property taxes can usually arrange for installment payment plans. However, this approach is not ideal because you actually wind up paying more because the county may charge interest. Planning ahead would avoid unnecessary interest.
This is one of the many details that you have to take into account when you are making long-term financial projections. Keep in mind, as well, that as your financial circumstances change, other aspects of your estate planning may need to be adjusted.  Contact your estate planning attorney for your regular review and keep your estate up to date.

It is said that there are some things that money can't buy, and wisdom would certainly be one of these things. When you are planning your estate your primary concern is going to involve our valuables. However, you may be able to pass on your values as well by maintaining a blog during your retirement years.
A lot of people have an interest in writing their memoirs once they have the time to devote to the project. This is a great way to share formative experiences with people that you care about. There is no substitute for learning by experience and some of these stories may be very instructive to the people that you will be leaving behind.
But what about publishing? And what if you don't finish the book prior to your passing?
There is a very simple solution these days in the form of self publication on your own blog. You can actually start your own blog without having any particular technical expertise by using very user-friendly platforms that are offered on sites such as WordPress.org.
When you have your own blog you can publish your work incrementally as you see fit so your family and friends can always have something new to read if you are updating it regularly. If you work on your blog throughout your retirement years you will have assembled a significant body of work by the time you pass away.
While it will forevermore exist in cyberspace, most blog sites provide a publication service, so you can print off a book of your blog. Now family members and even future generations of your family can draw from your experiences into perpetuity. There is no time like the present, so get started!

It is sometimes said that the easiest way to effect change is to change your perspective. This is a principle many discover when planning for their retirement years.
Financial planners and estate planning attorneys are always going to emphasize how important it is to keep your eye on the prize with regard to retirement. Some people follow this advice, but unfortunately many people do not. As a result a significant percentage of individuals find themselves unprepared as they start to see the typical retirement age appear over the horizon.
If you are one of them you may have to change your expectations and adopt a new perspective. This can include the choice to work longer than you absolutely have to in order to make sure that you can retire in comfort.
Working a few years longer may give you a few extra years to pad your retirement savings and this is part of the appeal. In addition you actually increase your Social Security payout when you work beyond your full retirement age as it is defined by the Social Security Administration. Besides the fact that you will continue to have something meaningful with which to fill your time.
You can delay your Social Security application until you are as old as 70 and you accrue delayed retirement credits as a result, which will increase your benefit by 8% per year that you delay your application.
If you enjoy what you do working a bit longer may not be much of a sacrifice, but it could significantly improve the quality of your retirement.
Should you be interested in devising a long-term financial plan with the benefit of expert assistance, don't hesitate to pick up the phone to arrange for a consultation with a licensed and experienced northern NV estate planning lawyer.

Some view Social Security as their primary retirement plan.  The reality is that this program is a basic safety net that may not provide the financial resources needed for a comfortable retirement.
That said, since most are required to pay into the program it can be viewed as welcome supplement to retirement if nothing more.  There are several commonly asked questions that people who are engaged in retirement planning often ask.
The first question most people have involves the age of eligibility.  Qualified Americans who were born in 1954 and earlier reach full retirement age in a Social Security eligibility context on their 66th birthday.  The age of full eligibility then rises by two months per year through 1959. Anyone born after that becomes eligible to receive their full Social Security benefit when they reach 67.
Another question people often have is whether or not they can work while receiving Social Security. The answer is that once you reach the age of full eligibility you can indeed earn any amount of income and still collect your full benefit.
However, you don't have to wait until you reach your full eligibility age to begin receiving Social Security.  You can start receiving Social Security when you are as young as 62, but you receive a reduced benefit.  If you work before you reach full retirement age while you are receiving this reduced benefit your payout is cut by one dollar for every two dollars that you earn above a certain annual limit.  Right now that limit is $14,160.
The above information is accurate as of this writing but of course it is subject to change.  To review current information visit the following website.

According to some current research surprising numbers of people are not prepared to retire. There was a poll conducted recently by the Associated Press in partnership with LifeGoesStrong.com that found approximately 25% of baby boomers nearing retirement have little or no retirement savings. A similar percentage said that they would never be able to retire due to financial need. The majority of people who responded stated that Social Security would represent the cornerstone of their retirement income.
The amount of the average Social Security check is going to vary on an ongoing basis because of the fact that people are coming and going from the rolls every day. According to the Associated Press the average monthly benefit is $1082. Clearly, this is not going to be sufficient to finance a comfortable retirement. So if you are under the impression that Social Security will be enough, you may want to research the matter further and evaluate your anticipated financial need.
Social Security benefits are supposed to rise in accordance with the cost of living under certain preset parameters. Inflation had not been sufficient to warrant any increases over the last two years, but the Social Security Administration has announced that there will be a 3.6% COLA for 2012. That's good news for Social Security recipients, right? Perhaps, but this increase equates to all of $39 per month for the average senior citizen who receives Social Security. Any extra money is always welcome, but a little under $10 a week is not going to do a whole lot to change anyone's circumstances.
The best way to proceed given the limitations of Social Security may be to take control of your own financial well-being. If you have not already designed your retirement planning now may be a good time to arrange for a consultation with an experienced retirement planning attorney.

When you are planning for your retirement you're probably envisioning beach scenes, leisure activities, unrestricted travel and a lot of rest and relaxation. To be prepared it is wise to budget for all the eventualities of aging. One of the things to take into consideration is the possibility of paying for long-term care.
Everyone is aware of the fact that some people eventually reside in nursing homes or assisted living communities, but there are those who take the attitude that this is something that happens to other people. There's nothing wrong with being optimistic, and some individuals who feel this way have taken good care of themselves. However, the statistics regarding just how many people do ultimately need this level of care is alarming. The United States Department of Health and Human Services tells us that no less than 70% of people who reach the age of 65 are going to need long-term care of some kind.
The USDHHS goes on to say that the average length of stay for a woman is 3.7 years, and for a man it is 2.2 years. The national average cost for a year in a private room in a nursing home in 2010 was around $83,500 and annual assisted-living community costs neared $40,000 on average.
Many will need assistance to address these costs. With this in mind, wartime veterans would do well to be aware of an often overlooked benefit called the Veterans Aid and Attendance special pension. Single veterans who need assistance with their day-to-day living needs can be eligible to receive as much as $1632 per month. You only need to have served for 90 days with at least one of them taking place during wartime to meet the length of service eligibility requirement. This benefit is something to explore if you have served in the armed forces and find yourself in need of long-term care at some point in time. You can do so by getting in touch with the United States Veterans Benefits Administration.

If you want to pass a proper legacy and be comprehensively prepared for all the contingencies that you may face during the latter stages of your life, it is wise to think long-term.  You hear people throw around the term "luck" quite a bit, but the wise individual knows that you make your own luck. When you see people who are enjoying a comfortable retirement while being able to leave significant bequests to their loved ones they probably didn't find themselves in this position by accident.
Yes, there are people who win the lottery and there are a few who come from very wealthy families. But for the most part, successful people devise intelligent long-term plans and stick to them. If you stick your head in the sand and simply hope for the best you may find yourself completely unprepared as you near what most people would consider to be the typical retirement age.
In fact, you may be surprised to hear just how unprepared a lot of people are. There was a poll conducted recently by AP-LifeGoesStrong.com that was intended to get an idea of how prepared baby boomers are for retirement. One fourth of the people who responded had no retirement savings at all, and a similar percentage said that they would never retire. Because of the fact that the baby boomer generation is reaching retirement age 10,000 people are applying for Social Security every day, and this is supposed to go on for the next 20 years.
So when you combine the facts above you can see that large numbers of people are completely unprepared for retirement. Long-term planning is the key to being able to meet your financial responsibilities when you reach an advanced age while retaining a suitable legacy to pass on to your loved ones. If you do not currently have a solid long-term plan in place, now is the time to get in touch with an experienced legacy planning attorney to arrange for an initial consultation.
 

Setting goals and giving yourself sufficient time to reach them is essential to long term planning. This is especially important when it comes to retirement planning. Most people work because they need the income to make ends meet. Retirement is not some magical Shangri-La that falls from the sky when you reach a certain age. It is simply a period of time during which you don't work because you have sufficient financial resources to pay your way without earning a paycheck.
There are people who decide that they would like to retire at an early age. These individuals map out a strategy that will get them where they want to be when they want to get there, and they stick to it. For most people the best way to devise such a plan is with the assistance of an experienced retirement planning attorney.
Aside from the sweeping expertise that retirement planning lawyers can provide, they've also seen recipes for success come to fruition through personal experience. The strategies they suggest are not theoretical but proven in the real world.
You're free to do what a lot of people do and make no plans at all, expecting Social Security to take care of all of your financial needs when you reach a particular age. As of this writing full retirement age for people who were born between 1943 and 1954 is 66. It then goes up by two months per year until 1960. Those who were born during 1960 and after are eligible for their full Social Security benefit upon reaching 67 years of age.
There are two problems with this "strategy." For one, the average Social Security payout at this time is $1072, hardly enough to live on comfortably. For another, there's talk in Washington about cutting Social Security, and one simple way to do that would be to raise the full retirement age.
If you don't think you're going to be able to live on $1072 a month, and you don't want to work until whenever the government tells you you have to, you may want to visit a good retirement planning attorney sooner than later.

Intelligent retirement planning that is given enough time to succeed will usually pay huge dividends.  However, the fact is that the future is uncertain and there are no absolute guarantees. Many people thought that they had effective retirement plans in place during the early part of the 21st century, but the financial meltdown of 2008 certainly changed the landscape. Events that are out of the control of the individual such as the sub-prime crisis are difficult to plan for, but the solution is to be flexible, informed, and proactive about doing everything that is within your power to seize control of your own financial destiny.
Being apprised of all of your options is key, and one of these is the reverse mortgage. To qualify for a reverse mortgage you must be at least 62 years of age, own your home outright or have significant equity in it, and you must live in the home as your primary place of residence.  The lender under a reverse mortgage provides you payments  either in a lump sum, in increments, or on an as-needed basis in a manner similar to a home equity line of credit. In return, the lender receives equity in your home.
While you are living in the residence you are required to keep up with routine maintenance and pay the property taxes, and if you were to fail to do these things the loan could be called.  The loan is due and payable upon your death or after you voluntarily choose to move out of the residence. Most of the time the property is sold upon your death and the loan is paid off with proceeds from the sale. If there were a remainder of proceeds after satisfying the debt, it would go to your heirs.  However, if the property is worth less than the outstanding loan amount your estate  is generally not responsible for the deficiency.

When you are planning for the future it is very important to be apprised of all the facts and trends that are relevant. A vital area to be aware of is the cost of long-term care. According to the United States Department of Health and Human Services 70% of people who reach the age of 65 will eventually need some form of long-term care.
People age 85 and older are the fastest-growing segment of the society, and one in every four of these people is residing in a nursing home. The average stay in a nursing home is approximately 2 1/2 years, and the national average cost of a year long stay in a private room was $83,500 in 2010. You may be looking at a nursing home expense exceeding $200,000 at the end of your life.
Some families are able to afford a quarter of a million dollars in custodial care costs but there are others who are not in that position. Others may have invested in long term care insurance to pay the costs of this eventuality. An alternative for others that have insufficient assets to pay for long term care and do not have insurance to pay the costs is the State Medicaid program. To qualify for Medicaid benefits the applicant must not possess more than $2,000 in cash assets. Some assets, such as a primary residence, one vehicle, and most household items are excluded assets.
When a married individual is seeking to qualify for Medicaid benefits his or her spouse is allowed to keep half of the shared assets that are countable up to $109,560.  The non-institutionalized spouse can keep all of his or her income.
To find out if this option is something that you should take into consideration consult with an experienced elder law attorney who can evaluate your specific situation and advise you accordingly.

It is never too early to start planning for your retirement. There are those who are under the impression that Social Security is going to take care of their foundational retirement income needs, and that Medicare will cover all their medical expenses, including long-term care. Perhaps unfortunately, none of the above is the case for most people and this is something to keep in mind when you are looking to the future.
Many people don't take retirement planning seriously. Much has been said of the baby boomer generation reaching retirement age and of the 10,000 new applicants for Social Security lining up esch day. The numbers coming from the Social Security Administration are telling to say the least. Some 64% of people who are receiving Social Security right now say that it is their primary source of income. Even more startling is the fact that Social Security provides at least 90% of the income of a third of its recipients. According to a recent Associated Press-LifeGoesStrong.com poll 24% of baby boomers who responded said that they have no retirement savings at all. It is staggering to that the average Social Security benefit is $1074 per month and that so many are relying on it for most of their income.
The most blunt way to put it would be to say don't let this happen to you. Arrange for a consultation with an experienced retirement planning attorney, devise a plan, and stick to it. You will enjoy your golden years more fully without unneccessary concern about the future of Social Security.

When you are planning for your retirement and the ultimate distribution of your assets to your loved ones after you pass away it is important to make accurate projections with regard to anticipated expenses during your post-work years. We all like to stay positive and expect the best, but if you want to plan intelligently you must do so while being prepared for less than pleasant contingencies as well.
The United States Department of Health and Human Services tells us that about 70% of people who reach the age 65 will someday require long-term care either in the home or at a nursing home or assisted living facility.  So the reality is that it is likely that you will someday need this type of care, and the costs are considerable. According to the annual MetLife Mature Market Institute survey the national average for a yearlong residence in a private room in a nursing home was $83,500 in 2010. A year in an assisted-living facility would run you about $40,000 on average.
As you can see, these expenses are an important factor to project into your long-term budget. Below are a few of the ways that people approach the costs associated with long-term care.
Long-Term Care Insurance
You can purchase insurance that will pay for long-term care should you need it at some point in time. The premiums are expensive but the younger you are when you obtain the coverage the more affordable it is.
Medicaid
It is possible for seniors who need long-term care to qualify for Medicaid while still retaining possession of their homes, vehicles, and personal valuables. If you are married and your spouse needs long-term care there are strategies that can be implemented that can enable you to maintain your standard of living and retain your personal assets while your spouse utilizes Medicaid to pay for his or her long-term care needs.
Out-Of-Pocket
Of course, the obvious way to pay for long-term care is to simply take out your checkbook and a pen and write a check. For some people it may take some careful planning to be in this position, but if you are interested in building wealth throughout your life and you get the right advice long-term care expenses should be something that you can absorb. If long-term care insurance has been part of the planning, however, you can both prepare for the need for long-term care and not adversely affect your hard-earned estate.

There's an old saying that goes something to the effect of "youth is wasted on the young." This may sound like the musings of some bitter old curmudgeon but there's a kernel of truth in it. When we are young we may squander certain opportunities that we may not recognize at the time. When we get older we may have moments of clarity when we recognize that we would be in a better position if we had done things differently early on.
There are those who recognize the need to make long-term plans at a young age, and these are the people who generally enjoy comfortable retirements and subsequently find themselves more prepared for the eventualities of aging.  If you start considering your retirement on the first day you embark on your career you may be a couple of decades ahead of most people. Aside from the fact that you will be better prepared to retire at the typical retirement age, you may well be able to call all of your time your own at a much sooner time.
Aiming high and keeping your eye on the prize is key, but the fact is that it takes intelligent long-term planning to simply be prepared for the basic expenses that you will be facing after retirement. People are routinely living into their late 80s and beyond these days. If you want to be successful and make the most of your retirement years, the sooner you get started the more time you'll have to accumulate assets, situate them properly, and ultimately reach your financial objectives.