Taking care of aging parents is an increasing reality for many baby boomers. If you are not engaged in caretaking of an elderly family member you probably know someone who is. We have entered, for the foreseeable future, a perfect storm of increased longevity and rising healthcare costs.
I recently spoke at a Women’s Financial Forum about “Cracking the Retirement Income Ceiling.” What is
the retirement income ceiling? Women are predicted to have less average annual income in retirement than men. Why? We live longer, we have shorter careers due to caretaking of children and parents, and the infamous career “glass ceiling”
helped put our average wages below that of men.
I am leading a will contest on behalf of 17 cousins. Helping my extended family gives me great pleasure, particularly because it has re-connected me with long lost cousins. It has taken me “under the hood” on the subject of estate planning which will be helpful to my advisory clients. And I feel a wrong was committed that needs to be righted, particularly in honor of my father’s generation, which was betrayed by their brother-in-law’s estate decisions.
Some days it feels like my email box is glutted with articles on retirement planning. With the first wave of the 76 million Baby Boomers careening through their mid-60’s today, it seems only natural that financial advisors are increasingly focused on retirement planning. Boomers have been driving our nation’s trends from the day they were born!
We hear it in the media and are likely to see it in our social circles – Americans have become less likely to marry. There are a lot of reasons for a declining marriage rate – the younger generation is delaying a few years, cohabitation is on the rise, and divorced persons are experiencing a decrease in their tendency to remarry. A Pittsburgh-based estate attorney I frequently work with, Claire Saenz, witnesses this growing trend in her work. I interviewed Claire to learn about her legal work with single women.