It is important to gather all the relevant information when you are making plans for the future. With this in mind your anticipated lifespan is something to be aware of, and at the present time the average lifespan among all people in the United States is 78.1 years.

However, depending on how old you are and whether or not you are a man or a woman your expected lifespan can vary considerably. As you get older it becomes more likely that you will live beyond this average of 78 years, and women on average live longer than men.

To find out exactly where you stand at any given time you can use the life expectancy calculator tool that is available on the Social Security Administration website.

Your longevity is going to dictate your financial need as you are planning for retirement, and it is also useful when you are deciding when to apply for Social Security. You can apply when you are as young as 62 but you would receive a reduced benefit. However, you would receive your benefit for a longer period of time so your anticipated lifespan is a relevant factor to take into consideration.

The reality is that averages are just that; we never know with any certainty when that fateful time will arrive. But at the same time these averages will provide you with a basic framework to draw from as you are making plans for the future.

If you would like to discuss a holistic plan for aging with an expert, don’t hesitate to pick up the phone to arrange for a consultation with a licensed, experienced, and savvy Redlands CA retirement planning lawyer.

The Elder & Disability Law Firm is a member of the American Academy of Estate Planning Attorneys.

When you first enter into a small business, you are well aware of the fact that a high percentage of start ups wind up failing.

As a result, your first objective is going to be to work tirelessly to make your business start turning a profit as soon as possible. It is likely that asking yourself how you are going to exit the business someday is among the furthest things from your mind when you first get started.

However, when your business is in fact on firm footing after you do some celebrating it is time to consider the future. People who are employees have a particular estate planning scenario that they are looking at. They are receiving income in most cases without having any particular stake in or responsibility for the ongoing operation of the business after they retire or pass away.

On the other hand, small business owners are in a different position. They have to consider how the business will be handled after they retire, become incapacitated, or die.

Your vision for the future is going to impact your decisions in the present as you are running the business in a number of different ways.

If you are going to hand the business off to the next-generation you may proceed differently than you would if you plan on selling the business. If the viability of the business is solely dependent on you as the owner as it may be with a professional practice you are faced with another type of situation.

Intelligent long-term planning is key. If you are a small business owner, the wise course of action is to discuss your succession planning options with a licensed and experienced San Bernardino estate planning attorney.

The Elder & Disability Law Firm is a member of the American Academy of Estate Planning Attorneys.

Putting away money with retirement in mind is something that you should begin doing as soon as possible. If you are diligent about creating a retirement plan and sticking to it you should be able to accumulate the necessary financial resources over time.

One way to go about it is to contribute into the 401(k) plan that is offered at your place of employment. With a 401(k) retirement account your contributions are made with pretax earnings. So while you are saving for the long-term you are also getting a slightly larger paycheck because your taxable income is reduced by the amount of your contributions.

Another advantage that comes along with 401(k) accounts in many cases is an employer match. A lot of employers will match the contributions that you make into the account up to a certain amount. San Bernardino retirement planning lawyers will generally recommend that you make contributions into the 401(k) account that are at least equal to the maximum that the employer is willing to match.

You may wonder what would happen to your account if you were to get laid off. You have some choices available to you should this take place. You could cash out the account but you would have to pay a 10% penalty and a 20% tax.

Another possibility would be to simply keep the money in the same 401(k) account.

And the third option, which may be the best choice if you want to stay on track for a comfortable retirement would be to roll the account over into an individual retirement account or the 401(k) account that is offered by your new employer.

401(k) accounts can be a useful part of a comprehensive retirement plan, and if you would like to learn more about them simply take a moment to arrange for a consultation with a good San Bernardino retirement planning attorney.

The Elder & Disability Law Firm is a member of the American Academy of Estate Planning Attorneys.

If you were going on a trip to a place that you had never been to before, perhaps a foreign country, you would have a lot of research to do. Nobody wants to enter into the unknown without making the proper preparations, and if you have never been somewhere before you have to take the time to gain an understanding of what to expect.

This is the type of mentality that you should take into planning for your retirement years. There are a lot of details to consider, and knowing what your Social Security benefit is going to be is part of the equation.

The Social Security Administration sends out statements periodically that should give you some idea of your projected benefit amount and this is a big help. You should take the statement seriously and be realistic about where you stand.

People who are married may have some questions about their benefits after their spouse passes away. The way that it works is that the surviving spouse receives the benefit of the partner who was receiving the larger monthly payout, but the survivor no longer receives his or her benefit.

And, it is important to note that you can’t get less than half of what your partner was receiving while he or she is still alive. So if your earned benefit is less than half of your spouse’s it will be bumped up to half of his or her benefit amount.

No one expects the ordinary layperson to understand all of the ins and outs of Social Security. The best way to proceed when you are making preparations for the future is to sit down and devise an intelligently conceived plan with a licensed and experienced San Bernardino estate planning lawyer.

The Elder & Disability Law Firm is a member of the American Academy of Estate Planning Attorneys.

People who serve in the United States armed forces make many sacrifices for the rest of us. However, there are some rewards that you get in return that can help you as you are planning for your retirement years.

A lot of people who spend some time in the military do not stay beyond one term and this in itself is a great service to the country. However, if you were to spend at least 20 years in uniform you could qualify for a military pension. Since most people join the military as young adults, if you chose to do so you could serve these 20 years and then retire from the military but not from working altogether.

People who embark on a civilian career after serving for 20 years in the military could potentially save their pension checks and live off of their earnings at work. By the time such a veteran reaches Social Security eligibility age he or she would have quite a nest egg saved up.

Another benefit that service members may qualify for is the Veterans Aid & Attendance special pension. You don’t have to have served for 20 years to be eligible. Veterans who have served at least 90 days with a minimum of one of these days occurring during a time of war meet the length of service eligibility requirement.

This benefit will provide you with a monthly check if you become unable to attend to your own daily needs at some point in time.

Veterans have some unique opportunities as they are planning for the future. If you would like to implement a comprehensive plan for aging as a veteran, don’t hesitate to pick up the phone to arrange for a consultation with a good San Bernardino retirement planning attorney.

The Elder & Disability Law Firm is a member of the American Academy of Estate Planning Attorneys.

San Bernardino retirement planning attorneys are going to emphasize the importance of putting together a retirement nest egg.

A lot of people are under the impression that they have nothing to worry about because they will be receiving Social Security while Medicare takes care of their medical expenses. However, Social Security in and of itself is going to provide limited income, and there are out-of-pocket expenses to address even if you are eligible for Medicare coverage.

So, the more money that you can put away for your retirement years the better. However, it is also important to consider the value of debt reduction.

The fact is that a lot of people do enter into retirement with a considerable amount of debt. This can be stifling and reduce your ability to enjoy your free time.

If you were to add some money to your mortgage payment every month and ultimately pay off your mortgage early you would be removing a large monthly expense from your ledger. Depending on the rate of interest that you are paying this may be a more cost-effective option than putting that money into a savings account.

Paying off your credit cards is another thing to consider, and driving a car that is paid for but in good condition may be a better choice than getting into a car payment.

Debt reduction can be an important component to a long-term retirement plan. If you are interested in discussing a comprehensive plan for aging with an expert, take action right now to arrange for a consultation with a licensed and experienced San Bernardino retirement planning lawyer.

The Elder & Disability Law Firm is a member of the American Academy of Estate Planning Attorneys.

Retirement planning is something that is very important and it is neglected by far too many people. In the end, there is no guarantee that you will be able to retire. To do so you are going to have to be able to pay your way without working for perhaps a couple of decades or more, and for a lot of people this is going to take some very careful and intelligent long-range planning.

San Bernardino retirement planning lawyers are always going to tell you that it is important to understand the options that are available to you when you are considering what your retirement years are going to look like. To this end it is useful to know what a HECM is even if you never have any need for one.

HECM in a retirement planning context stands for a home equity conversion mortgage. These are reverse mortgages that are federally guaranteed. In fact, you have to go through a HUD approved informational session before you can close on a home equity conversion mortgage.

In brief, with these reverse mortgage loans you receive payments from the lender and in return the lender receives equity in your property. The reverse mortgage becomes due when you either pass away or move from the property voluntarily. You or your heirs could then sell the property, pay off the reverse mortgage, and do whatever you want to with the remainder.

Let it be said that we are not expressly advocating this course of action. There are costs associated with taking out these loans and this is something to take into account.

Our intention is to explain what these loans are all about so that you are aware of all of your options. If you need liquidity late in life a HECM may provide a solution and it is something to be aware of as you look forward toward your elder years.

The Elder & Disability Law Firm is a member of the American Academy of Estate Planning Attorneys.

People who serve in the military put it all on the line for the rest of us, and in many cases they must make a lot of sacrifices.

Though the challenges that go along with service are readily apparent, military service is something that can be very rewarding to a young person on a number of different levels. You can learn a skill or trade, develop a resume, gain an understanding of what teamwork is all about, and gain first-hand knowledge of the value of hard work.

In addition, if you were to remain in the military for at least 20 years you would be you eligible to receive a retirement pension for the rest of your life. This can provide veterans with a very clear-cut path toward a comfortable retirement.

Envision a hypothetical case where an 18-year-old woman enters the military after graduating from high school. She spends 20 years in the service and develops a solid resume. At this point she is entitled to a monthly military pension check and is just 38 years of age.

She could then enter into a career in the private sector and pay her way with her earnings throughout her career while saving her military pension checks. This individual could simultaneously contribute into the 401(k) plan at work.

By the time this veteran becomes eligible to receive Social Security she would have saved a considerable nest egg, and she would have monthly income from both her military pension and her Social Security benefit.

Without question, military service can require sacrifices but there are rewards to be had in return. If you are a veteran interested in devising a long-term plan for the future, take action right now to arrange for a consultation with a licensed Redlands CA retirement planning lawyer.

The Elder & Disability Law Firm is a member of the American Academy of Estate Planning Attorneys.

Retirement planning is very important because believe it or not retirement is not something that is a given. In a very real sense, retirement is just a word that describes the decision to stop working. To be able to do this you’re going to have to have adequate financial resources.

If you are like most people, you go to work because you need the income. To be able to retire someday you will have to be able to do without this income, and this is going to require the accumulation of significant assets.

Most Americans can get there if they plan ahead carefully and stick to the plan. Unfortunately, a lot of people live in the moment and as a result they find that they simply do not have the financial resources that it takes to put their working years behind them.

Social Security is a big help, but in and of itself it is probably not going to be enough to finance a truly comfortable retirement.

There is a way to maximize your benefit however. You can work beyond your full retirement age and earn delayed retirement credits as a result that will increase your payout by 8% for every year that you work beyond your full retirement age. You can delay applying for Social Security until you reach the age of 70.

The key to a comfortable retirement is long-term planning. If you’re ready to map out a plan for the future, take action right now and arrange for a consultation with a good Redlands, CA retirement planning lawyer.

The Elder & Disability Law Firm is a member of the American Academy of Estate Planning Attorneys.

When you are living in the moment going about your day to day responsibilities you may find it difficult to imagine a time when you will be approaching retirement age. As understandable as this may be if you are two or three decades away from your 60s, you have to take action if you want to be prepared for retirement.

At the present time the baby boomer generation is reaching retirement age, and studies are showing that they are woefully unprepared and many will have to work for the rest of their lives.

There was a poll conducted by the AP in consort with LifeGoesStrong.com that asked baby boomers certain questions about retirement preparedness a number of months ago. Most of the people who responded said that they would be relying on Social Security for the majority of their income during retirement.

The average Social Security check at present is about $1080, so when you consider this it is no wonder that approximately one-fourth of the poll respondents said that they would be working for the rest of their lives out of financial need.

The median amount that the baby boomers reported having saved for retirement was just $40,000, and about 25% of them had no retirement savings at all.

You also need to consider the cost of long-term care and be informed about the types of government benefits that will be available to you.  If you are a veteran or a spouse of a veteran, VA may help to pay for your long-term care cost with an assisted living facility or a home caregiver.  If you need to stay in a nursing home, whether you are a veteran or related to one or not, you need to know that there are ways to get Medi-Cal to pay all of part of your nursing home cost.

The people who wind up enjoying their retirement years to the fullest are generally going to be the ones who plan ahead in advance. If you are ready to get started, take action right now and arrange for a consultation with a good Redlands, California retirement planning attorney.

The Elder & Disability Law Firm is a member of the American Academy of Estate Planning Attorneys.