Is Your Money Retired or Actively Working For Your Retirement

At some point in time just about everyone considers the fact that one day they’ll retire from the work force and have to care for their needs without a steady, regular income.

Most of us are taught the importance of stashing money away for emergencies and ultimately for retirement. But, more often than not life gets in the way and that important step of putting money aside gets skipped for years, maybe even decades.

Young people are hard pressed to think seriously about retirement.

When you think about how endlessly life seems to stretch out full of promise and potential, it’s understandable that planning for such a distant event as retirement is not a prominent thought.

If you are in your 20’s, 30’s or 40’s and have started saving money, congratulations are in order. That’s because in my experience most people don’t begin to seriously consider their financial futures until they hit age 55. In fact, a survey conducted by the Employee Benefit Research institute (EBRI) says that only 14% of all workers have $250,000 or more in their retirement savings. That percentage rises to 23% for workers over the age of 45. But, keep in mind that’s 23% of the 14% of all workers.

Now before you get too giddy about your saving habits there are a few things to consider. First, if you are merely putting money into a savings account, you might as well think of your money as already retired. That’s right. Your money is sitting around doing absolutely nothing for you. To prepare for a more financially stable retirement you must invest your money. Put it to work for you. Find a way to make your money work hard for you now and into the distant future so you don’t have to.

Financial Assessment

Before you can invest your money, it’s important to think about your long-term financial plans. A financial assessment can help you consider typical life events that require advance planning. Too many people wait until a crisis occurs, then they spend all their savings. A financial assessment will take into account your spending and saving habits and can help you establish a financial plan that will serve as a road map toward a financially stable retirement. Financial assessments and plans will be very different depending on your age, number of dependents and your health at the time of your meeting.

Estate Planning

Once you have a financial plan in place and stick to your investment goals, as you get closer to retirement age, you’ll want to start looking into estate planning. This happens when your money has worked well for you and you have assets to distribute upon your death. The most usual legal instruments for this purpose are a Last Will and Testament or a Living Will. These instruments also include the legal processes for distributing your property after your death.

Asset Protection

Proper planning and investing can lead to a comfortable retirement. However, once you have assets you must have processes in place that will protect them in the event of long-term illness and other unforeseen life events. In the case of a long-term illness, without planning assets will be depleted rapidly on care until they are gone. If that happens, limited options are available. Thus, the best time to seek guidance on asset protection is long before there is a noticeable decline in either physical or cognitive ability or at the very least as soon as there are noticeable signs of decline.

Don’t put your money into retirement. Put it to work for you and establish plans for its protection so that your retirement can be as enjoyable as possible. Call The Elder & Disability Law Firm of Victoria L. Collier, PC for a free 15-minute telephone consultation to see how we can best serve you.

Looking to find an experienced estate lawyer in the Georgia area who is skilled in asset protection and estate plan preparation? Shannon Pawley is an attorney in Georgia with expertise in estate planning and asset protection. Shannon can provide assistance with creating an estate plan to include making a will and how to establish a trust properly. If you have questions about asset protection or questions about making an estate plan, reach out to Shannon and she will be glad to help answer all the estate planning questions you might have!

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Stacy McKenzie

21:58 07 Feb 24

Shannon and her team were great. Went in for a consultation and got my money worth. She explained and made sure we understood. I will be using them in the future.

Diane J

23:10 24 Jan 24

Waheed Hamid

18:55 17 Dec 23

We had excellent service from Shannon and her team, they are true professionals and helped us and explained every step in the process. We highly recommend The Estate and Asset Protection Law Firm.

Virgil Price Young

20:16 18 Jul 23

Stephanie Deal

15:22 07 Jul 23

My father and I recently used the estate, an asset protection, law, firm for new wheels, new, power of attorney’s, and a creation of a trust. Brooke and her entire team could not have been more helpful and more professional! We loved working with them, and they took everything seriously therefore I didn’t have to worry about a thing. I highly recommend everyone at the law firm.

Barry Amos

01:22 01 Jul 23

Great firm. Had answers to all our questions and explained everything clearly. Never felt rushed to make a decision Could not ask for a better experience. Every one we dealt with was professional and knowledgeable. We highly recommend this firm for estate planning.

Lee Jay

21:30 28 Jun 23

Shannon provided invaluable information regarding a family estate matter. Although her firm did not quite fit our immediate needs, the consultation was informative and extremely HELPFUL! Shannon clearly explained what our next steps should be and offered to assist if we had any questions along the way. Her expertise and willingness to help puts her in a league of her own!

Alice Guppy

02:01 23 Jan 23

Shannon and everyone at The Estate and Asset Protection Law Firm are professional, very knowledgeable, and a pleasure to work with. They answered all our questions in great detail and the plan they developed for us is exactly what we need to protect our assets and estate as we age especially with my husband's health issues.

Lynn McKibbin-Moore

23:09 24 Feb 22

My husband has dementia. This firm has been patient, kind and professional while we went through a move from a house of 37 years in to a condo to be closer to my daughter and her husband. (Miami to Atlanta). There was also a wedding. All in 6 months.We now have a trust, power of attorney. Wills for my daughter and her husband and more. All at a fair price. I could not recommend higher.

Tammy Lee

22:03 29 Jan 22

Shannon Pawley and her team are exceptional at helping families navigate tough situations. We began working with her upon finding out my father had Stage 4 kidney cancer. His decline was more rapid than expected.Attorney Pawley and her entire team expedited paperwork that allowed me to focus on my father’s care, make decisions that suddenly needed to be made for him medically and financially, and has allowed me the ability to focus more on grieving and less on legal matters upon his passing.It is obvious she is knowledgeable about the best ways to navigate estates to protect the assets for the owners and their loved ones. It is just as obvious that she is passionate and has true heart for what her clients go through.We will be using her for own estate needs, and I recommend her expertise to everybody I can.This service is worth every penny we paid as it has saved us more money and time than I could imagine.

H Jessie Brewer

18:26 18 Nov 21

Attorney Shannon Pawley and paralegal Alexis McCoy are legal professionals that my wife and I highly recommend. Their grasp of the Georgia law pertaining to Medicaid assistance and the interworking's of the State department is exceptional. Additionally, their client-attorney relationship skills are excellent. We wouldn't hesitate to use this law firm again should the need arise.

Dawn Hardy

15:06 13 Nov 21

Shannon and her team are the best! They listened to my needs and provided the best advice. They are patient and professional as well as personable, they didn't make me feel like I was just another client. Highly recommend!