When we were growing up, our parents seemed to have a magic retirement number 55, 60, 62 or maybe 65, depending on the type of work you did. For today’s Baby Boomers, there is no magic retirement number! According to recent studies, most Baby Boomers think they have enough funds for retirement. Instead of relying on the calendar to determine when they should retire, most older adults are now choosing to work longer because they like their work – or to stop working because they don’t like their work!
And for many happy, healthy Boomers who choose to retire, they don’t stop work! Instead, they launch a new career, open a new business or even go back to school. Baby boomers today are delaying retirement because they can, In fact, our current President and President-Elect are both well past the traditional age of retirement, and launched new careers in their 70s!
Some Boomers plan to never retire because they love what they do, and are healthy and happy. Even though Baby Boomers may plan to work through their 60s, 70s, or even 80s and 90s in some cases, older adults cannot delay planning for the future and protecting the future of their loved ones.
Estate planning isn’t only planning who will inherit your money, property and other assets after your death. Estate planning is your opportunity to make your own health care and long-term care decision if you become ill or incapacitated in the future. Estate planning is important for Baby Boomers because it maps out your end-of-life care and who can make healthcare decisions on your behalf.
Talk to your family about your estate plan, health care decisions and final wishes to your family. When a loved one becomes ill or dies, family conflict and stress are too often a result, mainly because the person did not let their family know their wishes in advance.
If you are a Baby Boomer and want to protect your loved ones after you are gone, an experienced estate planning lawyer can advise you on the best options for your situation. To talk to a qualified attorney in Chicago or Lombard, contact the Estate & Probate Legal Group at 630-687-9100. We provide legal services in Cook, Dupage, Kane, Lake, and Will counties.