Call now to begin your free consultation
Phone 303-500-5738

These retirement myths can leave you with nothing

Retirement used to be rather simple. You went to college. You found a job, got married, worked and then retired. You were set financially because of pensions and savings. Your family law attorney would ensure that your legal paperwork, such for irrevocable trusts, was set up for your retirement years. Today, retirement isn't as easy as it once was and it is important to break through the myths to ensure you are left with something to show for your years of hard work.

First, the set age of retirement is no longer set in stone. The fastest growing demographic for employment today are those over the age of 55. Early retirement is not happening as frequently as most people hoped in the 1990s.

Second, many people don't want to simply quit working once they reach that magical age. According to one expert, 39 percent of people want to continue working part-time and 8 percent want to continue to work full time.

Third, many people today see retirement as a time when they simply disappear from society. This is not what they want; instead, they want to be active in their communities, to reconnect with their families or to learn something new.

Finally, with the economy growing so slowly, investment portfolios are not growing as they once were. Only 7 percent of workers have a guaranteed pension and one expert says one-third of baby boomers will end up in poverty. Retirement funds may not hold out as long as expected, so it's important to think ahead for such things as long-term care planning. More retirees are finding themselves in the unique position of raising their grandchildren or at the very least, providing more support than what they had originally planned for in their retirement budgets.

It is important to speak with an experienced family law attorney to ensure your retirement affairs are in order to deal with whatever bumps in the road you may find as you navigate these later years in your life.

Source:  forbes.com, "Five retirement myths worth changing" John Wasik, May. 14, 2013

No Comments

Leave a comment
Comment Information

If you need help, contact us as soon as possible.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Law Offices of Rodger C. Daley

Law Offices of Rodger C. Daley
724 East 19th Avenue
Denver, CO 80203

Toll Free: 866-428-3981
Phone: 303-500-5738
Fax: 303-539-0706
Denver Law Office Map

Email:Rodger@rcdaley.com

Review Us