A recent article in Kiplinger says Saving for Retirement Isn’t Enough: You Need a Wealth Plan. But haven’t we all heard that? If you don’t have a plan, then you’re planning to fail. The article likens retiring without a plan to boarding a plane with insufficient fuel, no emergency life jackets and no air masks. One reason for this comparison is that Americans are living longer. When Social Security was enacted, the average lief expectancy was much shorter. Today, a 65 year old male has a 55% chance of reaching 85. And for the last decade the fastest growing segment of the population are those reaching 100.
And planning isn’t just reserved for growing wealth. Keeping it is also an important consideration. If you become frail, you will become a target of scammers and other who prey on older adults. Having an estate plan designed to protect you as you age is just as important as having a financial planner to grow your money. If you have questions about how to develop a plan, call us today at 706-428-0888.