Longer life span? Different preparations are needed for retirement.
People need to plan differently than in the past and prepare for a longer life, according to Forbes in “You May Live Longer Than You Expect: Are You Prepared?”
There is a trend for people to live longer, if they survive into adulthood. That usually means a longer time spent in retirement than in previous generations.
The most obvious thing people need to do differently, is to save more money for retirement. Everyone understands that the longer you live in retirement, the more money you need to pay your expenses.
The less obvious thing is that estate planning, in many cases, needs to be done in a slightly different way.
It becomes more important to have an estate plan in place to make sure that you have a way to preserve assets for future generations. However, estate planning also needs to be more flexible because the longer a person lives, the greater the chances that unexpected contingencies will occur.
Estate planning needs to be done in a way that any contingencies do not cripple the plan or the ability of a retired person to meet his or her needs.
An estate planning attorney can help guide you create an estate plan that fits your unique circumstances, including retirement.