As you budget for retirement and the possibility of long term care, these concerns intersect directly with planning for your estate. Since you’ll have unique needs of your own and goals with your estate planning, it’s a good idea to know what you’re headed into retirement with so that you can make appropriate plans.
Every few years, The Federal Reserve Board shares a Survey of Consumer Finances, a report full of information about income and net worth in the U.S. The study found that for data collected in 2019, the media net worth is $121,700. But here’s what’s interesting about how age impacts that: for those between age 65 and 74, that number doubles. The median goes up to $266,400.
Without proper planning, it’s easy to fall behind on saving for retirement because of the pressure of day to day expenses. But knowing your net worth and your target retirement savings goals are powerful numbers. Having a strategy to reach them and to make your money work for you as much as possible is essential if you’re a savvy planner.
For most Americans, the core of their retirement is in allowing them to have a comfortable lifestyle. While how much is right for you in terms of retirement and what you want to achieve with estate planning is personal, data from the government in the U.S. shows that saving around $500,000 is more appropriate based on potential expenses.
Having a team of professionals to support you as you get closer to retirement can give you a good runway to achieve your goals. Set up a consultation today with an estate planning lawyer in Michigan.