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Areas of Practice
Advance Directives
Application for Nursing Home Benefits
Asset Protection
Charitable Planning
Community Medicaid vs. Long Term Care
Competency and Capacity Designations
Estate Recovery
Excess Income Trusts
Income Test
Inheritance and Estate Tax
Insurance and Financial Planning
Lawsuit Settlements
Life Care Planning
Long Term Care
Look Back Periods
Nursing Home Law and Litigation
Nursing Home & Assisted Living Facility Residents’ Rights
Patient Advocates
Pension Planning
Retirement Planning
Rules for Eligibility
Social Security
Special Needs Trusts
Supplemental Needs Trusts
Transfer Penalties
Veterans Aid & Benefits
Wills and Trusts

Retirement Obstacles for New York Residents

Have you been saving up for retirement? What is your stand on Social Security and Medicare? Many elderly residents throughout the state of New York have realized that they have not saved up enough to retire comfortably. In the past it was just enough to depend on the three pillars of savings, pension planning and Social Security. That may have been enough for people retiring 30 years ago, but it has been much more difficult to retire in today's society on just those three contributing factors.

A 2010 recent study showed that around 75% of Americans that were nearing the age of retirement end up having $30,000 or less in their savings account which is not enough to live on for a lengthy period of time. Many people around the age of 60 start realizing that they aren't going to live forever and they begin getting their affairs in order starting with a trust, wills and insurance. One thing that most aren't able to accomplish is their retirement plan and that is simply because they don't have enough in their 401(k) plan to retire on and retirement is not yet an option for them. There are however, smart solutions available to increase that number and make retirement much more enjoyable and available to citizens in the state of New York.

It cannot be stressed enough the importance of smart investing and "time value". The time rate of return of your money is vital and it is just as important as putting money away into savings. Medicare is a viable option for the elderly however the future of Medicare is uncertain under the Obama plan and government spending. There are campaigns in the works to boost up 401(k) and 403b retirement plans for the year of 2012 and people are also looking into Individual Retirement Accounts or (IRAs). The amount paid into these funds has remained stagnant over the past three years but the U.S. government is limit of contribution is going to be moved upward this year. This catch-up provision plan is to help everyone above the age of 50 to save quicker for retirements.

The nice thing about 401(k) plans is that if you are switching employers and your new employer supports that plan you can simply transfer the money from the old account in the new account with no tax deductions. If your new job however does not offer a 401(k) savings plan you can transfer the retirement savings into an IRA. The government is also raising the total amount of money that employers are allowed to match in company based retirement plans, the combined total is now allowed to go up to $50,000. If you are looking at your savings account and you are discouraged and don't know when retirements will be an option, don't lose hope. At our NYC office we have trained professionals and elder law lawyers that can help you plan for retirement, set up wills and trusts, apply for Medicare and plan your estate according to your wishes.

Categories: Elder Law


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Melnik Law Group, PLLC - New York Elder Law Attorney
Located at One Rockefeller Plaza, 10th Floor New York, NY 10020 . View Map
Phone: (800) 517-5110