A lot of people assume that you simply start to receive Medicare at the same time you become eligible for Social Security, but this is not accurate. Age of eligibility for full Social Security benefits varies depending on the year you were born in. For people who were born between 1943 and 1954 it is 66 years of age. After that it goes up by two months per year until 1960. People who were born in 1960 and later become eligible for Social Security in full when they reach the age of 67. Medicare on the other hand is available once you reach the age of 65 regardless of when you were born.

It is important to understand the fact that Medicare does not cover everything, and one of the things that it does not pay for is long-term care. The United States Department of Health and Human Services estimates that 70% of senior citizens will someday need this type of care so it is something to take seriously. Medicaid will cover long-term care if you can qualify, but you cannot have more than $2,000 in countable assets. But, many people choose to “spend down” their assets in an effort to qualify for Medicaid, and this is more feasible than it may sound like on the surface because your house, your car, and your personal property does not count. Plus, your spouse can keep his or her half of the countable assets without affecting your Medicaid eligibility.

Developing a cogent health care strategy for your retirement years can be complex due to the intricacies of these health care resources, and it will probably only get more complicated going forward. The best way to be certain that you are optimally prepared is to consult with an experienced elder law attorney who will assist you as you make plans for health care during your retirement years.

Nirenstein, Horowitz & Associates, P.C. is a member of the American Academy of Estate Planning Attorneys.

Too many people are cavalier when it comes to the subject of retirement. Some procrastinate, knowing that they should be preparing for their retirement years while continually putting the matter on the back burner. Others stick their heads in the sand and don’t even acknowledge the need for retirement planning, assuming that Social Security and Medicare will take care of everything when they reach a particular age. Unfortunately, this type of thinking is a recipe for disaster.

Social Security in and of itself does not provide enough income to maintain the quality of life that most would describe as being comfortable. And, Social Security does not cover everything and it is does not pay for long-term care which is required by 70% of those who reach the age of 65. Add these facts with the realities of budget cutting in Washington and you can see why it is important to accumulate resources on your own if you want to be able to retire and do so comfortably.

One strategy that many people employ is to join the armed services when they are relatively young adults. If you serve 20 years or more in the military you become eligible for a retirement pension that you will receive for the rest of your life. If you make the military a career and retire when you become eligible for Social Security your military pension coupled with your Social Security benefit may well be enough for you to meet your financial obligations and enjoy your free time.

Others will retire after 20 years and draw a pension while they go on to work in the private sector for another 20 or perhaps 30 years. This to can leave you in a favorable position when you reach retirement age in the eyes of the Social Security Administration.

People who are in the military have unique retirement planning options. If you are interested in exploring them in-depth, the best course of action would be to arrange for consultation with an experienced retirement planning attorney who understands the opportunities that are available to veterans.

Nirenstein, Horowitz & Associates, P.C. is a member of the American Academy of Estate Planning Attorneys.

There are some things that are out of your control when it comes to your financial health. It is possible that your income can fluctuate due to no fault of your own, and of course there are market factors that come into play.

But at the same time, there are some things that are well within your control and you should take advantage of them to the utmost if you want to be financially secure and eventually leave a robust legacy.

Some of these are rather obvious such as creating a cogent long-term financial plan and sticking to it over the long haul. But another thing to consider would be the extent to which you have control over your future medical expenses.

It is not your doctor’s responsibility to keep you healthy. Yes, if you fall ill your physician will do everything possible to help you. However, chronic illnesses are preventable for the most part, and the way that you live your life is going to have a lot to do with the health care expenses that you may face as a senior citizen.

Obesity, smoking, lack of exercise, and a poor diet are all contributors to chronic diseases, and these diseases are responsible for seven out of every 10 deaths and a very large portion of the health care expenditures of Americans. Clearly, you have some control and you would do well to exercise it intelligently.

If you make wise lifestyle decisions and stick to a cogent financial plan you should be able to step into different phases of life comfortably. Should you be interested in mapping out a comprehensive strategy for aging, don’t hesitate to pick up the phone to arrange for a consultation with a good Hartford retirement planning attorney.

Nirenstein, Horowitz & Associates, P.C. is a member of the American Academy of Estate Planning Attorneys.

People who are planning for retirement have to have an understanding of their projected income and expenses, so the future of programs for seniors like Social Security, Medicare, and Medicaid are very relevant. Unless you’ve been incommunicado for the last several months you are aware of the fact that the federal budget is a matter of concern on Capitol Hill. When you look at the statistics these programs account for over a third of the annual expenditures, and as a result there are lawmakers calling for cuts in these programs.

These calls for fiscal responsibility are admirable, but there are certainly questions that many of those who would be affected by the cuts may ask. Sometimes things that are made to seem extremely complex can be simplified. Let’s say you paid into Social Security and Medicare for 40 years without receiving anything at all in return for your contributions. On the day that you receive your first Social Security check, why would this be an instance of deficit spending? This is a simple question that should perhaps be the starting point of the debate about cuts in these programs.

Yes it is true that baby boomers are expanding the Social Security roles and will be doing so for some time, but these massive numbers of Americans have been paying into the program for decades while receiving nothing in return. And, huge numbers of people pass away before they ever see a dime from Social Security or become qualified for Medicare benefits.

The Kaiser Family Foundation recently conducted a study in an effort to get a feel for public opinion with regard to spending cuts. 62% of Americans polled stated that they did not want to see any cuts to Social Security at all. 57% are against Medicare cuts, and half the respondents said they didn’t want to see any reductions in Medicaid spending.

There may well be a deficit problem in the United States, but the majority of the American people seem to feel as though it is a problem that should not be addressed through any reductions in these programs that our seniors have paid into all of their lives.

Nirenstein, Horowitz & Associates, P.C. is a member of the American Academy of Estate Planning Attorneys.

There has been some recent polling conducted by the Associated Press in conjunction with LifeGoesStrong.com that has indicated that many baby boomers are woefully unprepared for retirement. The majority of people who responded to the polls say that they are not confident that they will have the resources that they need to enjoy a comfortable retirement.

Most of the people also said that they would be relying on Social Security to provide the cornerstone of their retirement income. Given the fact that the average Social Security benefit is under $1100 per month this is not a very encouraging statistic.

Experience is indeed the best teacher and we do learn from our mistakes. However, preparing yourself for retirement is something that takes decades if you are not in a rarefied financial position. If you make the mistake of failing to plan ahead you are probably going to recognize it when it is too late to get yourself back on track.

The fact is that most people who are traversing a consistent career path can gradually put away sufficient resources over an extended period of time and be ready to retire without reservations on their own terms. It is however necessary to implement an intelligently conceived and cogent plan early on, and of course you have to have the discipline to stick to the plan over the years.

If you are ready to take action for your future well-being, don’t hesitate to pick up the phone to arrange for a consultation with a licensed Hartford retirement planning lawyer.

Nirenstein, Horowitz & Associates, P.C. is a member of the American Academy of Estate Planning Attorneys.

It can be difficult to wrap your head around the concept of retirement when you are a relatively young adult. After all, when you first start out you are probably more concerned about gaining a foothold when you are about accumulating resources for retirement.

However, this mentality is to be put behind you as soon as possible. Large numbers of Americans will never retire because of a lack of planning, and the fact is that you have to set goals and execute long-term discipline to reach them.

The above is true for people who are employees of companies, and it is also true for small business owners. If you are the owner of a small business you have to consider things that others do not, including an exit or succession strategy.

How you intend to exit the business is going to impact the way that you proceed over the years as you are operating the business.

Some people know that their businesses won’t hold a lot of value because they are driven by talents of the owners. Concerns like a contracting company or a professional practice could fit this description.

These people will have to plan differently than someone who has a business that will indeed hold significant value. Whether you want to sell the business or keep it in the family is another thing to consider.

Long-term planning is the key to a successful exit. To discuss strategies with an expert, simply take a moment to arrange for a consultation with an experienced and savvy Hartford retirement planning lawyer.

Nirenstein, Horowitz & Associates, P.C. is a member of the American Academy of Estate Planning Attorneys.

In a very real sense retirement planning and estate planning are two of the basic responsibilities that go along with being a self-supporting adult. If you don’t plan for the future no one is going to do it for you. Those who enjoy a comfortable retirement with the peace of mind that comes with knowing that they will be leaving behind a suitable legacy generally are not in this position due to dumb luck. For most people it requires intelligent long-term planning and fiscal discipline. The wise course of action is to set goals early on and stay the course over a number of decades until you ultimately reach your objectives.

The fact is that most individuals are introduced to retirement planning and estate planning on a rudimentary level when they enroll in the benefits plan offered by their employers. Your life insurance coverage is a basic estate planning component, and in most cases you will be offered an opportunity to get started saving for your retirement via participation in a 401(k) plan.

A 401(k) is a savings account of sorts that allows you to contribute into it with pre-tax earnings. As the account grows over the years any interest accrued by the investment is not taxed. So, while you’re saving for the future you also gain tax benefits each year. For example, if you earned $40,000 in gross income and contributed $2,500 into your 401(k) that year your taxable income would be reduced by that amount, making it $37,500 rather than $40,000.

Another opportunity that often exists with the 401(k) is that many employers will match employee contributions into the fund. This is in essence free money being offered to you and financial advisers will always recommend that you take advantage of it.

There is another type of 401(k) called the Roth 401(k) that is appealing to many people. With this plan you deposit after-tax earnings, but when you eventually receive distributions from the account they are not subject to income tax. With the traditional 401(k) you do pay income tax once you start to take distributions.

Nirenstein, Horowitz & Associates, P.C. is a member of the American Academy of Estate Planning Attorneys.

If you have made significant contributions into the program, you are entitled to Social Security benefits when you reach a particular age. This age varies depending on when you were born. If you were born between 1943 and 1954, you become eligible for your full Social Security benefit on your 66th birthday.

Full retirement age then graduates by two months per year. In other words, if you were born in 1955 your full retirement age is 66 years and two months; if you were born in 1956 your full retirement age is 66 years and four months, and so on in this matter until 1960. For those born in 1960 and after, 67 is the full retirement age.

Though the Social Security Administration uses the term “full retirement age,” the reality is that you can’t necessarily retire on the day that you begin receiving your Social Security benefit. Far too many people don’t understand this until it is too late to do anything about it. The Social Security Administration states that 64% of the people who receive Social Security rely on it as their primary source of income. They also tell us that the average monthly payout at the present time is all of $1072.

A recent poll was conducted by The Associated Press and LifeGoesStrong.com that was intended to get a feel for how prepared baby boomers are for retirement. It found that just about a fourth of the respondents had no retirement savings at all, and as you might expect a similar percentage stated that they expected to work for the rest of their lives without ever retiring. Two thirds of poll respondents said they would be working at least part-time after they started receiving Social Security benefits, and 35% of these people said that they would be doing so out of financial need.

The bottom line is that retirement is not guaranteed. Social Security alone is probably not going to provide you with the income that you need to enjoy your retirement to the fullest. To set of a course that leads to a comfortable retirement you may want to be proactive and work with an attorney to devise a plan so that you can make the most of your golden years.

Nirenstein, Horowitz & Associates, P.C. is a member of the American Academy of Estate Planning Attorneys.

You are often going to hear retirement planning attorneys recommend that you get started planning for retirement early. Unfortunately, for many individuals this advice sometimes goes in one ear and out the other, largely because retirement seems like something that is so far into the future you really don’t need to worry about it in the present. But as we all know, time flies and before you know it thoughts of retirement may start to enter your mind. And when you look around, you may find that you are completely unprepared.

This is a situation that an alarming percentage of baby boomers are facing right around now. Many people are not aware of just how rapidly the population is aging. No fewer than 10,000 people are applying for Social Security for the first time every day, and this is expected to go on for the next two decades. Many of these people are not ready as evidenced by the results of recent polls.

Believe it or not, according to a Harris poll approximately one in four baby boomers have no retirement savings at all. 22% of Americans who have reached the age of 65 have not saved anything for retirement. 32% of the people between the ages of 34 and 45 have not begun to save for their retirement years. An AP-LifeGoesStrong.com poll indicates that 44% of baby boomers say that they do not feel confident that they will have the financial resources necessary to make it through their retirement years.

These are some eye-opening numbers, and the fact that the Social Security and Medicare systems are under strain adds to the challenges that go along with a lack of preparation. If you have not started planning for your golden years, you would do well to make arrangements to meet with a retirement planning attorney as soon as possible so that you can set of course that leads you to a comfortable retirement.

Nirenstein, Horowitz & Associates, P.C. is a member of the American Academy of Estate Planning Attorneys.

The earlier that you start planning for your retirement the better. Though it is easy to understand how people can get caught up in their day-to-day lives while striving for success there is a future that lies in wait at the end of your career. And the fact is that how well you plan for it will have a lot to do with how much you can get out of it. Research is key, and knowledge is power so the more aware you are about matters that are relevant to your retirement the better equipped you will be to prepare yourself for the time in your life when rest and relaxation take center stage.

Saving and investing wisely are core components, but it is also useful to understand the ins and outs of the Social Security system. Up until December 8th, 2010 a very useful avenue was provided by Social Security that allowed retirees to obtain what could essentially be described as an interest-free loan that could be utilized as investment capital over an eight year span of time.

There are those are not aware of the fact that you can accept a reduced Social Security benefit when you reach the age of 62. If you were born between 1943 and 1954 your full retirement age is 66. If you don’t retire until you reach the age of 70 you may receive what are called delayed retirement benefits that equate to an 8% per year increase over your full benefit. So what some people would do would be to accept the reduced benefit at age 62 and invest it until they reached the age of 70. They would then withdraw the original application, pay back what they had received and reapply for maximum Social Security benefits as a 70-year-old.

Under new rules that were passed by the Social Security Administration toward the end of the year retirees will no longer be able to implement this strategy. Now you can withdraw your application for Social Security just once during your lifetime and it can be done only within 12 months of the original filing.

Though this window has opened and closed, it does underscore the reason why it is a good idea to do your research and remain aware of the opportunities that wise use of your Social Security benefits can provide.

Nirenstein, Horowitz & Associates, P.C. is a member of the American Academy of Estate Planning Attorneys.