Why You Need to Incorporate Your Life Expectancy into Your Estate Planning Process

Many baby boomers have typical guesses about how long they might live, but this could turn out to be completely wrong. Many early retirees and pre-retirees think of their parents’ generation as a reference point, expecting that they will likely live as long as their parents. However, longevity data goes against this and shows that life spans in the United States are increasing rapidly.

Approximately, half of the women reaching age 65 today will live to see their 90th birthday. Although the longevity predictions for men are slightly less than that, according to the Society of Actuaries, it is still worth planning for the long run if you are thinking carefully about your estate planning. This involves setting aside enough money for your retirement years, but also involves careful thinking about Medicaid planning and other elder law and estate planning issues.

Consulting with an estate planning attorney now ensures that you have documents that address your needs as they are at the present time. As you get older, you may need to continue setting up meetings with your estate planning attorney to discuss changing situations and how your own retirement lifestyle may impact your estate planning considerations. Do not hesitate to reach out to a New Jersey estate planning attorney today to learn more.