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
Headshot2 3182020512

Loud HVAC Noises Often Point To Hidden Issues

Chris Jones - Green Dot Heating & Air
Drewsmith copiersplus headshot

Sound Off: Forever Chemicals, Forever Unethical

Drew Smith - Copiers Plus
Micheallegady cfcl

How The Cares Act Can Help You ‘CARE’ For Your Favorite Charitable Causes

Michealle Gady - Cape Fear Literacy Council

Trending News

Realtor Opens My Sister's Cottage At Mayfaire Town Center

Cece Nunn - Oct 27, 2020

Wilmington Port Reaches Major Container Ship Milestone, Making History

Christina Haley O'Neal - Oct 27, 2020

Port City Produce Rebrands, Prepares To Move To New Market St. Location

Jessica Maurer - Oct 27, 2020

Hose Manufacturer Moving Forward On Headquarters In Pender

Christina Haley O'Neal - Oct 29, 2020

TopSea Wingz Coming To Hampstead

Jessica Maurer - Oct 27, 2020

In The Current Issue

2020 Health Care Heroes Finalists

The Greater Wilmington Business Journal has put on the Health Care Heroes awards program since 2013 to honor the people and organizations ma...


An Election Like No Other

Like everything about 2020, this year’s elections are a little more com­plicated than they used to be, and there’s a lot at stake in the out...


Health Care Heroes: Physicians

The Physicians category honors a physician whose performance is considered exemplary by patients, peers and other health care providers....

Book On Business

The 2020 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2020 Leadership Accelerator: Virtual Workshops for Real Leaders
2019 Health Care Heroes
August 26, 2019 Power Breakfast: A Healthy Sale?
2019 WilmingtonBiz Expo Keynote Lunch - CEO, nCino, Pierre Naude`