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Is Anyone Saving for Retirement?

More than one-third of Americans have not begun to save for retirement, according to a survey from Florida-based consumer financial services firm Bankrate. Alarmingly, this segment included some people nearing the age at which thoughts of retirement ought to be front and center.

As reported by The Christian Science Monitor, the Bankrate survey found that 36 percent of adults haven’t saved anything for the day when they can “put down tools,” as a British expression puts it. And it isn’t just younger adults that are postponing savings. Many people who are nearing retirement age similarly have no retirement fund, including 14 percent of Americans 65 and older and over 25 percent of Americans between ages 50 and 64.

“What concerns me most is the high percentage of people that haven’t started saving for retirement,” Greg McBride, Bankrate’s chief financial analyst, said in a statement accompanying the findings. “Many of those that are saving aren't saving all that much.”

Not surprisingly, the youngest adults were the least likely to have put anything aside, according to CSM. Among 18- to 29-year-olds, 69 percent said they aren't contributing to a retirement savings. For those ages 30 to 49, the savings rate was 33 percent.

Some of those who haven’t saved anything, or who have saved very little, told Bankrate’s survey takers that they are planning to work their entire lives and therefore have no need to look toward a day when they have no income. “These people are not considering the potential of a job loss or medical issue that prevents them from working,” said Gail Cunningham, spokeswoman for the National Foundation for Credit Counseling.

As an elder law attorney it is crucial for your clients and potential clients to realize that failing to plan for retirement only compounds the issues they may have to face as they look at having enough to pay for care as they age. As you discuss the issues of long term care costs in your elder law planning with clients, the figures above may support you in helping them understand the importance of pro-active planning to handle these eventualities.

Whether you are an existing elder care attorney, or are just beginning to add elder to an existing estate planning practice, it is imperative to advise your clients on the value of proactive planning. By doing so, you can provide a valuable service to help your clients navigate their way into financial ease throughout their lives and into their senior years, while also growing and sustaining your elder law practice.

If you would like to know how ElderCounsel can partner with you to increase your practice efficiencies — from education to document assembly software or practice development systems — please schedule a brief consultation. You can also call us at (888) 789-9908, or send an email to info@eldercounsel.com.


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