Planning your retirement is only as good as... http://boston-elder-law-attorneys.blogspot.com/2012/04/three-important-questions-for.html

1. Three Important Questions
for Retirement Planning;
Part II
COHEN AND OALICAN, LLP – ELDER
LAW, MEDICARE AND LONG TERM CARE
ATTORNEYS – SERVING GREATER
BOSTON AND SOUTHEASTERN
MASSACHUSETTS
Boston Office Raynham Office Andover Office
617-263-1035 508-821-5599 978-749-0008
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2. Three Important Questions for
Retirement Planning;
Part II
As we talked about in part one of this series, planning your
retirement is only as good as how these three things might
culminate:
 How long you might live
 How well your investments might (or might not) work
 How much money you will require to live comfortably until you
die
We know that those are things that not many can ever predict.
There are asset protection plans that attorneys Cohen and
Oalican can help you to understand. In this installment of “Three
Important Questions for Retirement Planning”, we will explain
more about protecting all that you’ve worked for.
Boston Office Raynham Office Andover Office
617-263-1035 508-821-5599 978-749-0008
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3. How much monthly income
will you need to survive when
you retire?
 Nobody can tell you what inflation rates, health care costs, or
tax rates will do in the future. First thing you should do is
decide when you would like to retire and what type of lifestyle
you would be happy with. There is obviously a benefit in
saving as much as possible for your retirement. If the market
does well, your retirement plan and trusts will do well, but
even if the market doesn’t do well, a dollar saved is still a
dollar saved and a higher percentage saved is better than a
lower percentage saved.
Boston Office Raynham Office Andover Office
617-263-1035 508-821-5599 978-749-0008
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4. Saving, living on less and/or
delaying your retirement
1. Saving. It is recommended to save at least 15% of your salary while
saving. Some say 10%, but it’s all about playing it safe. There is also a
hidden benefit to regular saving: when people make a habit of saving,
they usually become more modest spenders.
2. Delaying your retirement. Retiring later than you regularly planned
raises your monthly Social Security/Medicaid benefits. Your benefits
almost double if you wait until you’re 70 as opposed to retiring at 62.
3. Living on less. How much you think you need at retirement could be
a lot less than you think. You should definitely aim high with your
retirement plan, but there are hobbies that you could pick up that cost
less than your current hobby and you might like it even more than your
current hobby. Author Ralph Warner said so well, “You'll do much
better planning for retirement if you recognize that it's not all about
money."
Boston Office Raynham Office Andover Office
617-263-1035 508-821-5599 978-749-0008
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5. Attorneys Cohen &
Oalican specialize in Elder
Law; where protecting
your assets and your
dignity is their core
mission.
Boston Office Raynham Office Andover Office
617-263-1035 508-821-5599 978-749-0008
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