Are You Worried About Retirement? What Are Your Concerns About Retirement?

It can be difficult to plan for retirement when you are using all your resources and energy to focus on supplying your current needs. However, if you fail to plan for retirement, what should be a relaxing stage of your life will be filled with stress and a new set of challenges that you did not anticipate. It is important to remember that taking time now and investing some of your current resources can give you the peace of mind and financial stability you need to enjoy your retirement years.

What Do People Worry About When Planning for Retirement?

Your top concerns about retirement can help you focus on the areas of your retirement plan that you need to strengthen today. Some of the top concerns for retirees include:

  • Saving enough money while working to support yourself during retirement.
  • Paying for health care, including long-term care and personal care as you age.
  • Entering retirement years with a heavy debt burden.
  • Maintaining sufficient income and assets during retirement years to maintain a certain standard of living.
  • Outliving your retirement savings and being unable to pay for necessary livings expenses and care.

Regardless of what your worries might be about the future, you can take steps now to reduce the chance that your worries will turn into reality during your retirement years. Working with a Michigan retirement planning attorney can help you develop a plan that will give you the income and assets to ensure your retirement years are the peaceful, relaxing, or adventurous years that you envision.

Tips for Successful Retirement Planning in Michigan

Our Michigan retirement planning attorneys work with clients to develop a plan that meets their goals without placing a burden on their current finances. Some of the basic suggestions we encourage clients to explore include:

  • Contribute to your employer’s 401(k) account. If your employer matches contributions, maximize your retirement savings by contributing at least enough to take advantage of the full match. For instance, if your employer matches up to four percent of your contributions, you need to contribute at least four percent to take full advantage of the match.
  • Open an Individual Retirement Account. A traditional IRA and a Roth IRA can be effective ways to save for retirement. Because both types of accounts offer benefits now and after retirement, you should work closely with our Brighton retirement planning attorney to maximize your savings for retirement.
  • Catch-Up Contributions. If you are 50 years of age or older, you can contribute higher amounts to your retirement accounts to “catch up” so that you have enough money for retirement. The catch-up contribution limits can change; therefore, work with your retirement or financial planner to ensure you do not exceed the maximum contribution limit.
  • Work With a Budget. Most people can find at least a few areas in which they can reduce spending. Creating and living within a budget can help you find extra money to place into savings and retirement accounts.
  • Automate Retirement Savings. For most of us, we do not miss the money that we never have in our pocket. By setting up automatic contributions directly from your paycheck to your retirement accounts can help you increase retirement savings.
  • Delay Applying for Social Security. If you are close to retirement age, delaying Social Security can increase the amount you receive when you do apply for your benefits. For each year from age 62 until age 70 you wait to apply for benefits, your monthly benefit increases. Even one or two years could make a significant difference in the amount of money you receive from Social Security each month.

Recognizing the need to plan for retirement is the first step in preparing for your future. It is never too early or too late to begin planning for and saving for your retirement years.

Consult a Michigan Retirement Planning and Estate Planning Attorney

It is also important to coordinate your retirement plan with your estate plan.  The attorneys of The Elder Care Firm of Christopher J. Berry, CELA are experienced estate planning and retirement planning lawyers. We work with clients to develop a retirement and estate plan that provides for their retirement, but also ensures their property and funds are distributed to their heirs according to their wishes.

Call 888-390-4360 or use the contact form on our website to schedule an appointment with one of our attorneys.

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