If you are one to live in the moment and just let the chips fall as they may who knows, you may be in a financial position to enjoy your retirement and leave behind a suitable legacy.
However, when you look at the statistics you find that a very significant segment of the population will pass away with virtually nothing.
Experts traditionally have looked at retirement preparedness by examining the financial health of individuals as they approach retirement age. However, this tells an incomplete tale.
You can’t predict how much money a particular individual is going to need for the rest of his or her life with any certainty. So how can you say someone is well-prepared simply because they have a certain amount of money or income prior to retiring? It may or may not be enough for this person.
There was a study conducted by the National Bureau of Economic Research recently that used the reverse premise. These analysts evaluated the amount of money that people have left over after they die, feeling as though this was a better indicator of true retirement preparedness.
The findings were not encouraging. 46% of people pass away with less than $10,000 according to this study. Many of these individuals were almost exclusively dependent on entitlement programs for seniors during the latter portions of their lives.
The fact that nearly half of people die virtually penniless would indicate that planning is called for if you want to avoid becoming part of this statistic. If you are ready to start paving the way toward a comfortable future, right now would be a good time to pick up the phone to arrange for a consultation with a good South Carolina retirement planning lawyer.