Felician University in New Jersey recently revealed the results of their Aging in America study conducted with college age students. They found that college students anticipated living in their own home independently and being relatively active beyond the age of 85 but more than 70% of these survey respondents had not begun planning for their older years at all. This is an important study because the vast majority of issues looking directly at estate planning and retirement planning focus largely on baby boomers as this is a large section of the population.
However, many of the important steps involved in investment planning and estate planning can begin being accomplished early on in a person’s life. In fact, the more planning opportunities they have, the better the chances are that they will have significant resources when they choose to retire.
The study identified that most intended to have enough money to live independently until age 85 and beyond but they were unsure at which point in time they should begin planning financially for their older years. Most also plan on being able to drive and own a car until the age of 75 to 84 and relying on others for transportation services after the age of 85. Advanced planning and looking ahead to the future can give you the greatest chance of identifying a plan that has your unique needs in mind. A New Jersey estate planning lawyer can help.