A life fact: Many people are certain to run out of money before they reach their life expectancy. This means that many of your friends, neighbors and family will not have enough money for their basic living needs at even before the last days of their life. Much of this is due to a lack of financial planning and financial literacy, a subject not taught in most schools and one which was certainly not taught in the schools of the 60’s and 70’s.
Another life fact is that the majority of adults that will reach the age of 70 in the United States and be almost out of money. Most 70 year olds do not consider themselves to be of “old age”. Many continue to work, travel, teach and volunteer. Yet, more than half of these people will be out of money. Who will take responsibility for them? This will place pressure on families, friends, employer’s, non-profits and of course, government as the final safety net, to make funds available for the basic needs of living.
So, another life fact: More than half of your friends, family and neighbors have not given thought to financial planning, and do not have up to date estate plans. One advantage to an up to date estate plan is to face the facts of your personal finances, make goals, and take responsibility for the safe keeping of your family’s assets. There are many non-financial benefits to proper estate planning as well.
The lack of an up to date estate plan can lead to a waste of the family resources at the worst possible time; yet over 120 million Americans have not taken the care to see that they are not one of those without money at age 70.
Another life fact: We are already into the greatest transfer of assets and wealth in history. An estimated $60 TRILLION divided among heirs, taxes, and charities will change hands in 116 million American households by 2061. Without some financial education and planning, much of this money will be wasted and will not be used in the manner that was intended.
And one more life fact: Financial and Estate Planning is not just for the wealthy; it is for everyone. Don’t know where to start? Email us at firstname.lastname@example.org for a checklist to start your planning. Beginning early really works, but planning at any age is invaluable.