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Virginia Beach Estate Planning Lawyer / Blog / Retirement Planning / Don’t Have Children? Here Are Five Tips for a Better Retirement

Don’t Have Children? Here Are Five Tips for a Better Retirement

Looking ahead into your retirement years while not having children might give you some peace of mind because you may be able to better support yourself and your health needs. However, you could still end up an elder orphan. Roughly one third of people between the ages of 45 to 63 are currently single and most of those people never married or were divorced at the time that the study was completed. This study was published in The Gerontologist.

The study also found that less women are having children, so this means that baby boomers might have a smaller network than they anticipated to help with basic assistance, guidance and care which is often required by people as they get older. Furthermore, childless retirees could face additional obstacles or even some advantages in their retirement years, all of which are worth considering. Without children or a spouse, the odds of becoming isolated, either socially or physically, can increase dramatically.

Much of the care for today’s elders is provided by family. Those isolated older people who do not have a solid support system are more likely to have trouble completing activities of daily living. These same people are also tied to a higher rate of mental decline and a reduced ability to fight infections.

Did you know that rules surrounding Medicaid are state-specific? Your concerns about Medicaid should always be addressed directly by a lawyer who has experience in this area and one who can keep you informed about the best way to plan in advance and how to put together your application if and when the time comes. Overlooking Medicaid planning opportunities could compromise your retirement.

Getting appropriate support and considering your options in advance is extremely valuable. Since it is estimated that nearly 70% of people will require long term care but less than half of those people think that they need it, it’s good to look ahead into the future and consider tools such as long-term care insurance or advance Medicaid planning provided by an committed and understanding VA attorney to help accomplish all your goals.

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