retirement

Most of us don’t want to think about the day when we can no longer take care of ourselves, or when our loved ones can no longer live on their own. But the hard truth is that 70% of us will need some form of long-term care once we reach our golden years.

Retirement in the 21st century looks a lot different than retirement at the turn of the 20th century. First and foremost, the concept of stepping away from a career or life on the farm was relatively unheard of at the turn of the 20th century. Another major shift has been in the average life expectancy of Americans.

Retirement looks different to different people. Some envision a time of relaxation and travel. Others view this time in life as an opportunity to connect deeper with a partner or pursue those hobbies that were always difficult to find time for while amid a career. For others, retirement is just the second act of life. This is a time when some opt to start a new career as their own boss.

Retirement sometimes offers a variety of difficult financial hurdles to overcome. Even when you think you have saved enough to live out those golden years in style, rising health care costs or changes in the tax code can throw a wrench in your plans.

Ask most Americans if they have a vision for their retirement years and you are bound to hear similar answers. Now, ask those same people what their exact vision for retirement is and you are bound to start getting some differing responses. One popular investment for Americans retired or not is a summer vacation home.

Americans approaching retirement in the 21st century face a growing number of fears. Money is one of the biggest fears on that list for most Americans, with the Motley Fool reporting that more Americans fear running out of money during retirement more than they do death itself!

The 2017 calendar year has come to an end and it has been quite the rollercoaster ride. The economy, globally and in the US, has been up and down. With hopes of President Trump rolling back restrictions on the American economy, many businesses started spending, hiring, and investing capital.

The end of the year brings about the holiday season, when most people are in the mood for giving. Gifts for family, opening your home to friends and family for meals together; gift giving is on everyone's mind come the end of the year.

Most heirs do not realize the average inheritance takes more than a year and a half to complete the probate court process and distribute money to the heirs. Young and rich; it sounds like a great combination; and it is, but “rich” is a relative term. A sum that can last one person a lifetime might last another just a few years, months, or even weeks.

When you are planning for retirement, one of the most overlooked aspects that many forget to consider is long-term care. It is one thing to set aside money throughout your life to cover monthly expenses such as mortgage/rent, groceries, gas, and entertainment. It is an entirely different concept when looking forward at the potential need for long-term care.