There are a skyrocketing number of seniors in the United States. As a result, our retirement institutions are under unprecedented strain. It’s no wonder that many young, millennial and middle-aged people are wondering if there’s going to be anything left for them by the time they reach retirement age, and that so many seniors are wondering if their own retirement funds are solvent.
Elder Law attorneys have a monumental and important job these days in helping people of all ages make sure that they’re provided for during their golden years. Some of the changes have been improvements, legally speaking, but others have created new complications. Let’s explore some of the evolving issues in elder law, and learn how a regional and qualified elder law attorney can help you with your savings and retirement.
Financial Issues with Retirement
We’re facing an era where Social Security is in real danger, from decades of government borrowing and failure to pay back in. We’re looking at the erosion of pensions due to underfunding despite laws like the Employee Retirement Income Security Act. We’re looking at eroding retirement funds due to an unstable (though currently booming) stock market. The buzz word for today’s climate isn’t disaster, but it’s very much uncertain.
Recent legislation in government has focused heavily on protecting healthcare for seniors, and in providing disability insurance, but even this legislation has been deficient at best. More and better legislation is going to be required to address these issues, in the end.
With retirement funds hovering in murky uncertainty, more and more seniors are looking to push back the age at which they retire. The problem with this is that the job market continues to change, evolve and in some demographics, shrink. Unfortunately, age discrimination is alive and well and there are ever fewer positions available in those jobs that seniors traditionally worked due to increasing automation in retail and customer service outlets.
Further, when companies engage in layoffs, it usually tends to be the senior workers that are let go first, as they tend to make more money and have accrued more benefits than younger, less experienced workers. This then sometimes leads to forced retirement when the senior cannot find other work, due to their age.
Housing and Assisted Living
Housing and assisted living is a major issue for many elderly people. Many of these facilities will drain your entire life savings if you don’t take the right steps to pay for your stay. They can even evict you for failure to pay if funds run out. While this rarely happens, it’s a legitimate concern. You need to understand your rights under both state and federal law to protect yourself.
Current Issues in Elder Law
The days of a simple retirement where you could enjoy your golden years are passing us by. It’s still possible to retire with confidence and protect your assets, provide for your medical needs and ensure you have housing, but you need help. Call on the services of a Cuyahoga County elder law attorney to make sure you have solid estate plans and asset protection in place.
For many years, the dedicated attorneys at Stano Law have helped with wills, trusts, powers of attorney and the legal aspects of retirement planning. Give us a call to talk about how we can help with your plans.