Follow Susan Linkedin Twitter Facebook
Email Susan Email
Financial
Aug 15, 2017

What Retirees Need to Know

Sponsored Content provided by Susan Willett - Director of Trust Services, Old North State Trust, LLC

What do you expect when you retire?

Will you be traveling around the world because you saved well before retirement or will you be the one fearing living in poverty?

We all want the dream of retiring on a beach somewhere but that is not happening for many of our seniors. Roughly 15 percent of retirees live in poverty once they retire instead of enjoying their golden years.

Many Americans fear they will outlive their money and not have any Social Security funds to supplement, either!

There are several reasons that retirees are not saving enough:

  • Not enough education about the tools available. On average, seniors spend over $100,000 during their years of retirement but only have $40,000 in retirement savings. If a retiree wants to continue living the lifestyles they had before retirement, they should save roughly 11 times their final working salary to maintain that lifestyle in retirement.
  • Having to support their adult children.  Many people find themselves in unforeseen situations and need to return home.  This causes obvious strain on many areas, including finances.
  • Increased fraud/scams. There has been an increased level of fraud, both in number and sophistication.
  • Death of a spouse. The loss of income from the death of a spouse can greatly affect the overall financial health of an individual, as well as leave them susceptible to the fraud mentioned above.
So, seniors need to find financial pros who will educate them and help plan for the future, not just look out for their bottom line. Seniors who are prepared have a variety of planning tools, not just one 401(k) plan. 
 
Another planning tool is to have a Long-Term Care (LTC) plan in place. Healthcare costs continue to rise, and we don’t see that diminishing in the near future. Most seniors will be in denial that they might even have health issues as they get older but by having a plan in place, it will take a huge burden off family members, especially an elderly spouse. 

According to the Centers for Disease Control and Prevention (CDC), eight million Americans are receiving LTC each year. This type of care encompasses the daily living needs, such as dressing, bathing, cooking, daily chores.

With the average retirement age steadily increasing, it is estimated that the average retirement age for millennials will be 73.

People are living longer now, well into their 90’s if not to 100. So, planning for retirement and the needs associated with retirement are more important now than ever.

Old North State Trust, LLC (ONST) periodically produces publications as a service to clients and friends.  The information contained in these publications is intended to provide general information about issues related to trust, investment and estate related topics.  Readers should be aware that the facts may vary depending upon individual circumstances.  The information contained in these publications is intended solely for informational purposes, is proprietary to ONST and is not guaranteed to be accurate, complete or timely. 

Susan Willett is the director of trust services and oversees all aspects of trust administration for Old North State Trust, LLC. Old North State Trust, a North Carolina chartered trust company, provides: asset management services; income, estate and trust tax consulting; retirement planning and administration; and trustee and estate services to both individuals and businesses. Old North State Trust professionals have many years of experience and for over a decade have assisted clients in identifying and reaching their financial goals. For more information, visit www.oldnorthstatetrust.com or call 910-399-5470.  

 

Other Posts from Susan Willett

Onst insights blk
Ico insights

INSIGHTS

SPONSORS' CONTENT
Dallas headshot 300x300

Protecting What You Care About: Business, Family, & Employees

Dallas Romanowski - Cornerstone Business Advisors
Headshot2

Supply Chain Education and the State of the Industry

Dani Somers - North Carolina Wesleyan
Fredheadshot 5119113348

Homeschooling is on the Rise; Organization is, Too!

Fred Kumpel - Strickland's Home

Trending News

Luxury Home Sales Reach Record Height In May

Cece Nunn - Jun 17, 2019

In The Current Issue

NHRMC Recognized For Patient Experience

New Hanover Regional Medical Center was recognized for its patient experience through the Healthgrades 2019 Outstanding Patient Experience A...


Manufacturer On Board To Invest $25M

With its proximity to the Cape Fear River and customer markets, the Wilmington area provides an essential location for National Gypsum, a gy...


Building Efforts To Attract Workers

With demand running high for construction industry workers, officials with area training programs and companies are looking for ways to attr...

Book On Business

The 2019 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2019 WilmingtonBiz Expo Keynote Lunch - CEO, nCino, Pierre Naude`
Transporting the Future - Power Breakfast 3.12.2019
Health Care Heroes 2018