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Dispelling Retirement Myths

Retiring in comfort is getting more and more difficult. The costs of retirement are spiraling while the income of the average American has flattened out or is declining. There are many retirement myths that are simply untrue. Following is the discussion of some retirement issues that all potential retirees should be aware of.

How much will be enough? Do you have enough savings to retire? Will one million or two million dollars be enough in the bank to retire? According to Re Keithen D. Miller, a certified financial planner with Palisades Hudson Financial Group in Atlanta, Georgia, “With most people living longer and the continuing rise of the cost of living, a million dollars no longer guarantees a five star retirement. Most people will need to have enough money to support them for twenty five to thirty years in retirement. Depending on the lifestyle you want to maintain and where you live, a million dollars may not go so far.”

Your Expenses Won’t Go Down In Retirement

Most retirees anticipate their expenses will decrease once they retire. According to Nicole Rutledge, a certified financial planner with Resource Consulting Group inOrlando, Florida, “in my experience this is not always the case. Typically we see clients spend more money when they initially retire. This is the time in their lives when they are still healthy and full of energy. They travel more, focus resources on hobbies and other interests and do many of the things they have been putting off during their working years. We call this the go-go years.”

According to Rutledge, although spending increases initially when individuals retire the spending does decrease in the later retirement years. “That’s when the health issues, energy and just a general desire to travel the world and focus on these just aren’t what they used to be.”

The Declining Value of Social Security

Social security has never been meant to be the primary source of income for Americans who retire. Social Security provides a safety net for Americans. The average Social Security benefit is twelve hundred dollars per month. This is not enough money to live on! This will put you at the federal poverty level.

Investment Income

Individuals when they retire shouldn’t be overly aggressive with regard to their investments. However investing too conservatively can also be problematic. Individuals who retire should have a balanced program of dividend bearing stocks as well as fixed income return investments. Interest rates are at an all time low right now and investing in Certificates of Deposit at one and a half to two percent will not earn enough interest to secure you in your retirement years.

Retiring Too Early

It was once thought that all Americans should retire as they approach their sixties. With life expectancies increasing and savings having to last longer in retirement it is recommended today that you retire at an older age. This will expand your working years and give you additional years to accumulate savings. You will also maximize the amount you receive from your Social Security benefits.

New York Wills and Trusts Lawyer

For more than thirty years, the Attorneys of the Law Offices of Schlissel DeCorpo have handled estate planning needs for their clients. The Attorneys drafts wills and trusts. They draft special needs trusts for special needs children. The firm also has extensive experience with regular preparation of revocable living trusts and irrevocable living trusts.

The law office also probates wills and litigates contested will contests. They advise executors as to what to do in the handling of estates. They deal with Medicaid issues such as nursing home abuse, Medicaid planning techniques, the drafting of Health Care proxies and Powers of Attorneys. Feel free to call us for a consultation. The firm’s more than thirty years of experience can be utilized to see to it your loved ones are protected and your estate is not subject to inappropriate taxation.

Retirement Mistakes

retirement-150x150 Don’t make mistakes regarding your retirement. Your senior years should be enjoyable, relaxed and stimulating. They should not be frustrating and worrisome times.

Have Sufficient Assets and Cash Flow

You should not retire unless you have enough savings, pension, funds or 401K funds to support your lifestyle. Social Security alone will not be sufficient to fund your retirement goals. Social Security pays approximately $14,000 a year to retirees. This is simply not enough money to live on!

Be Active In Your Retirement

Researchers show that retirees who maintain an active lifestyle have a longer life expectancy. Exercise is important to seniors. Stimulating your body and your mind will keep you healthy, happy and extend your life.

Stay Close With Friends and Family Members

Don’t retire to your room. Have an outgoing social life and lifestyle. Stay in touch with the people you love and whose company you enjoy.

Alzheimer’s Disease and Dementia

Studies indicate that approximately 14% of all Americans over the age of sixty-five suffer from some form of dementia or Alzheimer’s disease. In the long run. Alzheimer’s disease and dementia negatively impact your brain, which in turn has a negative impact on your life and may land you in a nursing home. Medicare will not cover nursing home stays. Nursing homes can cost as much as ten to twelve-thousand dollars per month. To avoid the potential of an uncovered stay at a nursing home from impoverishing you, you should consult with an attorney who handles elder care work.

Elder Care Lawyer

The Law Offices of Schlissel DeCorpo provides elder care legal services to our clients. We draft wills and trusts. We probate wills. We deal with Medicaid planning issues. We assist our clients with nursing home issues. We provide all types of elder care legal representation. We also draft special needs trusts and supplemental needs trustsfor our clients. Should you need a will, trust or an elder care attorney, call us at 1-800-344-6431, 516-561-6645 or 718-350-2802.

Retirement Planning for Single Americans

Who prepares better for retirement, married couples or single individuals? The answer is married couples. More than 85% of married couples have saving plans related to their retirement. This compares with only 67% of single individuals who have established retirement savings programs.

Retirement Planning

Americans who have worked during the course of their lives are entitled to receive Social Security benefits. Social Security is an entitlement program. Another entitlement program working Americans have the benefit of is medicare. Medicare is a program that pays for a variety of medical treatments for senior citizens. It pays for hospital stays, doctors visits and prescription drugs. Medicare is not designed to pay for nursing home care. If a senior is placed in a nursing home for rehabilitation purposes, Medicare will cover up to 100 days of the expenses of the nursing home facility. However, if a senior needs to go into a nursing home because he or she just can’t take care themselves, Medicare is not designed to pay this expense. Seniors can buy catastrophic health care insurance to cover this type of expense.

Retirement Savings Plan

There are various types of retirement savings programs. Some employers have pension plans for their employees. Another type of savings program through employment is called a 401K plan. This allows the wage earner to save without paying current income taxes for a portion of his or her income. Individual retirement accounts are yet another type of retirement savings program that provides tax benefits.

How Much Is Necessary To Save For Retirement

The amount of money an individual or family needs to put aside for retirement varies with the lifestyle and cost of living of the people involved. Most financial planners suggest that retired Americans will require between 75% and 80% of the income they had during their working lives for their retirement. This is a figure that is hard for most Americans to meet. Most families and singles reduce their expenditures and live simpler lives in retirement, thereby preserving their limited assets.

Elder Care Lawyer

The Law Offices of Schlissel DeCorpo provides elder care legal services to our clients. We draft wills and trusts. We probate wills. We deal with Medicaid planning issues. We assist our clients with nursing home issues. We provide all types of elder care legal representation. We also draft special needs trusts and supplemental needs trusts for our clients. Should you need a will, trust or an elder care attorney, call us at 1-800-344-6431, 516-561-6645 or 718-350-2802.

Baby Boomers Afraid to Retire

retire-150x150Baby boomers are afraid to retire. There are 77 million baby boomers who were born between the years 1946 and 1964. This large group of Americans are getting ready to retire,but do they have the resources to retire. Twenty five percent of the baby boomers claim they will never retire! A large majority of the baby boomers look at social security as the main stay of their income after retirement.

Personal Savings Have Been Reduced

The majority of the baby boomers claim their retirement funds, their pensions, their 401K plans and savings have lost value during the past three years of the economic crisis in the United States.

The majority of the baby boomers expect to work even after they are retired. The cost of maintaining health insurance and health care expenses are one of the main reasons baby boomers are afraid to retire.

Baby Boomers Without Savings

A quarter of the baby boomers have no retirement savings whatsoever. The large majority of this group are non white and have only a high school education.

Unrealistic Expectations In Retirement

The majority of Americans who retire have to scale back their expenses. To live within their means, they need to live a more modest lifestyle. Unfortunately, many baby boomers don’t get it. They think they’ll be able to live the same life style after retirement without adequate savings, pensions or 401Ks to support them. Cheryl Garet, of the Garet Planning Network, stated “most families have to make an adjustment from their working life to their retirement years.” Advertisements that show happy, relaxed couples strolling on the beach in a retirement community are unfortunately not the norm.

New York Wills and Trusts Lawyer

The Law Offices of Schlissel DeCorpo has been assisting senior Americans regarding wills and trusts issues for more than thirty years. We draft wills and trusts. We probate wills. We litigate will contests. We draft special needs trusts for special needs children. Elliot S. Schlissel is a member of The National Academy of Elder Law Attorneys. He handles elder care planning related to Medicare, Medicaid and nursing home issues.

If you have issues involving wills, trusts, estates, elder care or guardianship, we can help you. Call us for a free consultation.

Easing Into Retirement

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When Is The Right Time to Retire?

It’s hard to say when it’s right time to retire; however, it is easy to say it is the wrong time to retire. You shouldn’t retire unless you have sufficient funds to carry you through your golden years. In the past, most people retired in their sixties. With declining savings and living costs going up, many Americans will have to wait till they’re in their seventies.

Retirement Suggestions

Instead of quitting your job, you may be able to negotiate reducing your working days or working hours. This will allow you to live without drawing on your savings. Downscale your life style. If you want to retire, you need to try to live more modestly. If your home is large, you can sell it and buy a smaller home or rent an apartment. You can move from an expensive state, such as those located in the Northeast, to cheaper, less expensive states in the South and Southwest.

You need to prioritize your needs. Instead of eating out once or twice a week, it is much less expensive to cook your meals and eat at home.

Forced Retirement

Losing your job or being downsized may force you into retirement. Employers may no longer want experienced employees in their fifties and sixties. This tends to raise the cost of their group health care and other group benefit packages. What do you do if you’re downsized and no one wants to hire you?You need to see a job counselor. You need to train yourself to work in another industry. Unfortunately, you also need to downsize your expectations as to what you’ll be earning.

Wills, Trusts and Estates Lawyers

The Law Offices of Schlissel DeCorpo has been assisting senior Americans regarding wills and trusts issues for more than thirty years. We draft wills and trusts. We probate wills. We litigate will contests. We draft special needs trusts for special needs children.

Elliot S. Schlissel is a member of The National Academy of Elder Law Attorneys. He handles elder care planning related to Medicare, Medicaid and nursing home issues. Call us for a free consultation.

Retirement: What if You Haven’t Saved any Money?

retire-150x1503Retirement is supposed to be a time of relaxation and enjoyment for Americans. The current economic situation in the United States may require a re-thinking of retirement issues. A recent study has shown that one in four individuals approaching retirement have saved nothing for their retirement years! The Employee Benefit Research Institute recently revealed that nearly 50% of all individuals who are close to retirement, age 56 through 62, will run out of money if they are retired for twenty years or more.

Planning for Retirement

Planning for retirement is a complicated process. You never know how long you’re going to live! It is difficult to anticipate future medical expenses.

Retirement Facts

In the year 2011, the average individual receiving social security benefits will take in about $1,200 a month. Studies show you’ll need approximately eighty-percent of your pre- retirement income to maintain the same level of life style you maintained in your pre- retirement days. If you are nearing retirement, it is strongly suggested that you obtain literature and/or professional advice concerning retirement. Some retirement organizations offer community seminars. The American Association of Retired Persons (AARP) has an enormous amount of information concerning what you can expect your expenses to be during the course of your retirement.

Are You In Debt

One of the first things that is recommended to individuals approaching retirement is to eliminate debt. The best way to do that is to review your expenses and take affirmative action to reduce these expenses. Examples of reducing expenses would be eating out in restaurants less often. You may have to change your life style and live a simpler, less expensive life.

Can You Downsize Your Home Expenses?

You may be able to sell your home and move into a smaller home. In some situations, you may be forced to sell your home and live in an apartment.

Don’t Retire!

Who says sixty-five years of age is the magic number to retire! People are living much longer today. Working into your early seventies may be the solution to your retirement issues. Another alternative is to simply not retire. I’m sixty-one years of age and I have no intentions of retiring anytime in the near future. I simply wouldn’t know what to do with myself if I retired. I anticipate I would be bored to tears!

Estate Planning Attorneys

Our law office has been handling estate planning matters for our clients for more than thirty years. We draft wills and trusts for our clients. We assist our clients in estate administration and probating wills. We deal with elder care matters involving nursing homes, nursing home abuse, medicaid, medicaid planning and medicaid planning techniques. We also assist our clients in developing special needs trusts for special needs children. Call us for a free consultation at 1-800-344-6431, 516-561-6645 or 718-350-2802.

Baby Boomers Will Have Trouble Retiring

baby-150x150Baby Boomers are going to have difficulty retiring. Recent studies indicate that baby boomers will work four years more than earlier generations due to the economic problems they have faced in recent years. The years following retirement are referred to as the “golden years”. There may not be much gold left for the baby boomers!

Baby boomers are individuals who were born between 1946 and 1964. There are approximately 77 million baby boomers. This represents 37% of the nation’s population that are age sixteen or older.

Retirement – A Grim View

Baby boomers have supposedly been saving during the course of their lifetimes for their golden retirement years. Unfortunately their savings have been involved in stocks, bonds and real estate that has been devastated by the recent economic crisis in the United States. The past five to seven years have had a negative effect on the net worth of a large portion of the baby boomers who are expected to retire during the next five to seven years.

Even the baby boomers whose investments have not been effected by the recent economic down turn may be hesitant to retire due to concern over their financial future.

In a recent survey by certified public accountants shows that their clients who had assets between $500,000 and $5,000,000 were concerned about retiring and were prepared to work four or more years before retiring. If individuals with such substantial assets are nervous about retiring, the picture is even more bleak for baby boomers who do not have savings.

“Boomers have been scarred by the economic turmoil in the past two years and face complex challenges going forward” Clark M. Blackman III recently stated. Mr. Blackman is the chair of the American Institute of Certified Public Accountants Personal Financial Executive Committee. Baby boomers golden years may be less than golden!

Member of National Academy of Elder Law Attorneys

Elliot S. Schlissel is a member of the National Academy of Elder Law Attorneys. His law office probates wills, deals with contested wills and estates, drafts wills, and provides estate planning for their clients. They also draft revocable living trusts and irrevocable trusts for their clients. The law office provides all types of elder care legal services including dealing with issues of nursing home abuse, medicaid planning techniques and actually applying for medicaid for their clients. The law office also deals with children with special needs and the drafting of special needs trusts for these children. Call for a free consultation at 1-800-344-6431, 516-561-6645 or 718-350- 2802. Link to Wills Website

The Worst States in Which to Retire

retire-150x150 Individuals who reach the age of retirement are usually on a fixed income. It is important for these retirees to receive the biggest bang for their buck. They need to live on a moderate level so they do not live longer than their money can support them.

According to the Pew Center for States Report, the ten worst states for retirees to live in are Arizona, Florida, Illinois, Michigan, Nevada, New Jersey, Oregon, Rhode Island , Wisconsin and California. Hooray for New York! It didn’t make the list with the other bad boys.

The report did indicate that New York has “very high taxes”. It stated that New York has the second highest tax rate and the fifth highest per-capita property taxes. The report also indicated that New York has a “dysfunctional legislature”. The report also pointed out that there was a benefit to living in New York because pension income is exempt from income taxes.

The report involving the worst states to live in focused on the fiscal health, taxation and climate of the states in the United States. It considered factors regarding which state to retire in involving taxes, climate, typography, the crime rate, recreational opportunities in the state, the quality of transportation and healthcare, as well as the cost of living and the physical health of the state itself. Individuals, before they retire, should take into consideration all of these factors and how it will effect the quality of their life. From my point of view, I would rather be happy and poor than have more money and be miserable.

Estate Planning Lawyers

wills-150x1502The Estate Planning lawyers at the Law Offices of Schlissel DeCorpo have been assisting their clients in drafting wills and trusts for more than thirty-three years. We represent our clients with regard to the drafting and implementation of revocable living trusts and irrevocable living trusts. Elliot S. Schlissel, Esq., is a member of the National Academy of Elder Law attorneys. Our office provides all types of elder law assistance. We deal with issues involving nursing home abuse, Medicaid, Medicaid planning, special needs trusts, as well as supplemental needs trusts. Call us at 1-800-344-6431, 516-561-6645 or 718-350-2802 for a free consultation.

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