The Petrosewicz Law Firm Estate Planning Blog

What Women Need to Know about Social Security

Deciding when and how to claim Social Security benefits depends on several different factors, all of which are unique to each person’s situation. For women, there are additional financial realities to be aware of, according to the article “3 Things Women Must Know About Social Security Benefits” from Next Avenue.

First, the Earnings Limit Test. Many people end up taking their benefits before they reach their FRA—full retirement age. However, for those who keep working and want to claim benefits at the same time, there is the Social Security Earnings Limit test, which may lower benefits, while you are working. Any retirement benefits over the limit are withheld, until you reach your FRA. They are eventually paid to you.

Here’s an example: Dolores is turning 62 in December 2019. She currently earns $55,000 working full time. If she goes part time, her income will drop to $35,000. Her idea is to start claiming Social Security benefits at the earliest age, when her benefits would be about $1,170. Note that if she waited until her FRA, age 66 and six months, she would receive $1,616.

However, the 2019 earnings limit was $17,640. She earns twice that, so her benefit would be reduced by $1 for every $2 she is over the limit. Her annual Social Security payment of $14,060 would be reduced by half of her excess earnings, or $8,680. She’ll get the benefits back when she reaches FRA, but while she is working, she won’t get as much as she might have expected.

Social Security Benefits and Taxes. The general rule for this is that if a household’s combined income exceeds a certain amount, a portion of the taxes are taxed. The limits for determining the income level are not indexed for inflation, so every year more and more retirees fall into this tax range.

For single women who have an income of $34,000 or more, as much as 85% of Social Security payments for the year will be considered income and taxed as ordinary income. Married women filing jointly with a combined income of $44,000 or more will also have up to 85% of their Social Security payments for the year reported on IRS Form 1040 as income.

Medicare Premiums and Social Security Benefits. Consider your Medicare Part B premiums, before you consider claiming Social Security benefits. The Social Security and Medicare programs are separate programs, but each has a bearing on the other. The Social Security Administration collects Part B Medicare premiums and automatically deducts premiums from Social Security benefits before you receive them. This is often a big surprise to women. Their benefits are reduced, and they may not have included this in their budget.

Medicare B is the part that pays for doctors and outpatient procedures. There are co-pays and deductibles. However, generally speaking, Part B pays for about 80% of covered services. The amount that is paid depends upon the overall household income. The 2019 standard monthly premium is $135.50 per month, or $1,626 for the entire year. That’s a per-person cost. If you have a high household income, you’ll pay more for Part B—the range is from $160 to more than $460 a month per person.

Like many other aspects of retirement, you’ll need to do your homework and understand how Social Security works to make the best decisions about your benefits.

The Petrosewicz Law Firm can assist you with your estate planning needs.  Contact us today at (281) 344-9455 or [email protected].  

Reference: Next Avenue (Nov. 19, 2019) “3 Things Women Must Know About Social Security Benefits”

Social Security Scams Evolve Despite Growing Awareness

Security experts are predicting that Social Security phone scams are going to multiply and get worse, according to the article “Don’t Fall For These New Social Security Phone Scams” from Forbes. The Social Security phone scam is the most common phone scam in 2019, with a 23-fold rise in frequencies. A study by BeenVerified says that Social Security numbers accounted for 10% of all fraudulent calls. The FTC says that Social Security scams cost Americans $19 million in 2018.

How are they getting away with it? Scammers know that their potential victims are screening calls, so they’ve shifted their tactics. They’re leaving official sounding voicemails, with a phone number that looks like it just might be legitimate. The area code will appear to be from Washington, D.C. However, the numbers are not even from the United States.

Here are the worst offenders:

“Your Social Security number has been suspended.” A dire sounding threat, especially to seniors who count on their Social Security benefits. The caller says there has been fraudulent or criminal activity and the only way to resolve the problem is to call back. It’s not real. The Social Security Administration does not suspend, block or freeze numbers.

“Your Social Security number has been compromised.” This is a smart scam, as everyone is worried about data breaches. The automated call requests that you enter your Social Security number to verify that it has not been breached, and may also ask you to provide details, like a bank account number. Follow these instructions, and you’ve given your Social Security number to thieves. The SSA does not make these types of calls and would never ask for confirmation of your number by phone.

“A federal case has been brought against your Social Security number.” Seniors are especially vulnerable to the idea that a lawsuit is pending against them. However, the SSA or the government does not alert people to lawsuits by phone.

“You must send money to dismiss the case against you.” The government does not request payment by gift cards. If you really owe the government money, you’ll receive an official tax notice from the IRS.

Scammers are getting more sophisticated and more brazen. Don’t become a victim.

The Petrosewicz Law Firm can assist you with your estate planning needs.  Contact us today at (281) 344-9455 or [email protected].  

Reference: Forbes (Nov. 24, 2019) “Don’t Fall For These New Social Security Phone Scams”

Million-Dollar Retirement? Here’s How It Might Work

For most retirees, the goal is simple: don’t run out of money. That’s the worry that plagues most Americans—61% of them, according to a survey from Allianz Life. How do you keep that $1 million from running out before you do, asks Investors Business Daily in the article “How Long Will Your $1M Last in Retirement?”

Let’s use this example. A person is 65 years old, earning $115,000 annually. It’s not a king’s ransom, but it’s a decent income. They sock away a good-sized amount of money every year, but not so much that they reach income limits in a 401(k) or similar retirement plan.

The simple answer to the how long will $1 million last is less than nine years. That’s if the person spends $115,000 a year from the $1 million.

The average American life expectancy is now 78.6 years, as of 2017, according to the CDC. However, if you make it to 65, you’re more likely to make it to 20 more years. For the average person, that means living to around 85. Retirement funds in this case, which is admittedly an average, will need to last twenty years. Will they?

That nest egg isn’t done growing, just because you’ve turned 65. Given enough time, even including setbacks in the market, you’re likely to have a nest egg that keeps growing over those twenty years. If you use a 5.6% annual rate of return for forecasting how your portfolio will do, you may be in better shape than you thought.

A 5.6% return would grow your portfolio to $2.97 million, even at a 5.6% growth rate. However, that’s without subtracting any money for living expenses every year. Let’s plug that in.

You’ll be getting Social Security, so you won’t be taking out $115,000 ever year. While the size of benefits may change in the future, there will still be income. For a 65-year-old earning $115,000, expect to receive about $27,815 from Social Security annually.

That’s $87,185 to maintain your current lifestyle, from retirement savings, any part-time income or other sources. Let’s say you don’t want to work, and it all has to come from savings. Don’t forget inflation, which will come in at some point. U.S. inflation is now 1.7%.

It looks like your $1 million will last about fifteen years now. Will that be enough? Downsizing to cut housing costs will help, as would part-time employment. You should also make sure that you have long-term care insurance to protect you and your family from one of the biggest health care costs.  However, people with $1 million can pat themselves on the back—well done!

The Petrosewicz Law Firm can assist you with your estate planning needs.  Contact us today at (281) 344-9455 or [email protected].  

Reference: Investor’s Business Daily (Oct. 28, 2019) “How Long Will Your $1M Last in Retirement?”

If You Plan to Retire This Year, Be Prepared

If you’re sure that you are going to leave the working world and start your retirement life in 2020, better not put in your notice at work until you’ve done your homework. The Motley Fool article “Retiring in 2020? 3 Things You Need to Know” covers three important steps.

If you were born in 1958, then this is the year you celebrate your 62^nd birthday—which means you are eligible to collect Social Security. However, if you do, your benefits will be reduced as you have not yet reached your “Full Retirement Age” or FRA. People born in 1958 need to be 66 and eight months to reach that important milestone. At that point, you can collect your full benefit. Collect earlier, and your monthly benefit is reduced for the rest of your life.

Born in 1954 or earlier? Full retirement age for you is 66, if you were born between 1943 and 1954. If you were born at the tail end of this range, then you can collect your full Social Security benefit this year. However, it still may pay to hold off on claiming benefits.

The longer you can delay tapping your Social Security benefits, the better. From the time you reach your FRA until age 70, your monthly benefit grows by about 8% each year. Few investments today have that kind of guaranteed yield. Some advisors recommend tapping retirement accounts first and delaying Social Security benefits as long as possible. It’s worth taking a closer look to see how this can be of benefit.

If you are planning to retire, but you’re not 65, you’ll need to find and pay for health insurance until you celebrate your 65^th birthday. You can enroll in Medicare a few months before your 65^th birthday, but if you’re 62, then you have a three-year health insurance gap. Private health insurance is extremely expensive, there’s no way around it. Before putting in that letter to HR that you’re retiring, get some real numbers on this cost. If your employer will consider having you work part-time so that you can maintain your employer-covered health insurance, it may be a good idea.

If you’re closer to age 65, then COBRA is a consideration, although it may still be expensive. Typically, COBRA allows you to retain your existing health coverage if you change jobs, or are fired, for a certain amount of time. However, you have to pay for the full cost of health coverage.

If your gap is only three months, then COBRA might make sense. However, if your gap is a year or more, then you need to be realistic about health coverage options. Pre-existing conditions and a limited marketplace for individual coverage may make this the reason you keep working until 65. You should also check the rules of going from COBRA to Medicare—they may not be the same as going from an employee plan to Medicare.

The more prepared you are for retirement, the more you’ll be able to relax and enjoy this new phase of your life. If these three points have made it clear that you’re not yet able to retire, understand that it is better to work a little longer to reach your eventual goal of retirement, then to find yourself struggling to pay bills and jeopardize a lifetime of savings because of unexpected expenses.

The Petrosewicz Law Firm can assist you with your estate planning needs.  Contact us today at (281) 344-9455 or [email protected].  

Reference: The Motley Fool (Dec. 28, 2019) “Retiring in 2020? 3 Things You Need to Know”

How Many Ways Can You Ruin Your Retirement? Plenty!

There are just about as many ways to ruin your retirement, as there are light bulbs on Broadway, or stars in the sky. You get the picture: it’s easy to ruin your retirement, says Reader’s Digest in the article “15 Retirement Mistakes That Will Ruin Your Retirement.” These useful tips deserve your attention.

Using your retirement accounts like a checking account. Treat your 401(k) and IRA accounts like they are pure gold and only for retirement. Only use them in emergencies and understand that you’ll pay a penalty, if you withdraw from a 401(k) before age 59 1/2. Every dollar you take out of a 401(k), costs you $10-$20 in lost future retirement income.

Forgot to plan for long-term care? This is one of the biggest threats to everyone’s nest egg. One year in an assisted living facility could add up to an average of $43,200, and the cost of a nursing home for one year could easily be double that. Long-term care insurance pays for adult day care, respite care, stays in special facilities for Alzheimer’s patients and hospice. LTC insurance also pays for in-home care, like skilled nursing, rehab therapy and personal care.

Getting aggressive in the market a few years before retirement. Three to five years before retirement is not the time to bet the house and hope your ship comes in. If you take a big hit, there’s no time to make up for twenty or thirty years of saving.

Expect a short and sweet life? You might be surprised at how long you live. However, you may also be surprised at the amount of money you need to live a long life. Create a retirement budget that anticipates a longer life span. You can always find a way to spend or give away money.

Make retirement saving a top priority. It’s not easy when you are trying to save for retirement, put kids through college and maybe remodel your kitchen. However, the new kitchen won’t be as much fun, if you are struggling to pay bills on a fixed income.

Neglecting to diversify investments. The right asset allocation can reduce the overall risk of a portfolio, especially as you get closer to retirement. Focusing on fixed income and value-oriented equities will supplement other income sources, like Social Security and a pension.

Being completely conservative. Some of your investments do need to be a little bit risky. You can’t be completely in cash or totally in CDs. There is still a need for growth, and that comes with some risk.

Supporting adult children. Putting retirement at risk because of children who aren’t fully independent creates problems for parents and children. The children need to understand that a parent’s retirement accounts are not their personal ATMs.

Underestimating healthcare costs. A recent study found that the average healthy senior couple can expect to spend more than $275,000 on healthcare in retirement. Look into using a Health Savings Account (HSA) and have some emergency funds set aside.

Responding to volatile markets with emotions. A series of down days on the market, or bad news that pushes markets down for a few days or even a few months, is not the time to call a broker in a panic.

The impact of state income tax and high property tax rates. Most people have lost the ability to take itemized deductions or are limited by what they can deduct. The state and local tax limit is $10,000. A move to a lower tax state may be helpful in stretching retirement dollars.

Social Security planning strategies. Don’t just take your benefits as soon as you can. There are strategies that can maximize benefits for you and a surviving spouse.

Debt during retirement. Before retiring, pay off as much debt as you can. The more debt you have, the more vulnerable you are. That’s when an unexpected expense can derail retirement.

Have a realistic budget. Create a budget based on what your income will be during retirement. Do this before you stop working and try living on it. If you don’t have enough, keep working and rework your budget.

Procrastination on saving. Save early and save often. The longer you put off saving for retirement, the less time you have to catch up. Time can be your best friend, if you start early, or your worst enemy, if you wait too long.

The Petrosewicz Law Firm can assist you with your estate planning needs.  Contact us today at (281) 344-9455 or [email protected].  

Reference: Reader’s Digest (October 2019) “15 Retirement Mistakes That Will Ruin Your Retirement”

Disappointing News from Social Security for 2020

The annual Cost of Living Adjustment, aka COLA, for 2020, is a smidge of an increase: 1.6%. That’s only slightly more than half of the 2.8% COLA for 2019. For the average beneficiary that means about $23.50 more per month, says the Globe Gazette’s article “Disappointed in Your Social Security Raise? 3 Steps to Take.” It’s a lot like getting a tiny raise that doesn’t budge the budget needle at all. Remember, there’s also going to be an increase in Medicare Part B, which is expected to rise by $8.80. That puts a raise of just $14.70 per month in benefits, once New Year’s Day passes.

The problem is, healthcare costs are continuing to climb. That puts seniors in a bind, especially those who count on Social Security for the bulk of their retirement income. Is there anything you can do to beef up your income?

Review and revise your budget. You needed a budget when you were working, and you really need one in retirement. If you are using up all your available income every month, it may be time to make some changes. Maybe it’s finally time to clear out the big sprawling ranch and downside to a two-bedroom condo. Going from a two-car household to a one-car family could net considerable savings. If you eat most of your meals out at restaurants, consider trimming those outings to cut spending.

Work part-time. You likely have a lot of time on your hands, as a retired person. Getting a part-time job during retirement has a number of benefits. One, you have less free time to spend money, two, you have income and three, you have more social interactions during working hours. There’s also no need to accept a job that you wouldn’t want. Maybe you are great at baking and can turn that into a side business, or dog walking or crafting. Pet-sitting and babysitting are in demand.

Move somewhere less expensive. The cost of living varies greatly from state to state. Look for states that don’t tax Social Security and that offer a lower cost of living and a relatively low income tax rate. However, check your Medicare benefits. Medicare Advantage and Part D plans vary from state to state. If you have supplemental insurance through Medigap, the cost of your plan may change.

If so much of your retirement income budget is based on Social Security, be prepared to make some changes. You can stretch those benefits and, at the same time, lessen your stress.

The Petrosewicz Law Firm can assist you with your estate planning needs.  Contact us today at (281) 344-9455 or [email protected].  

Reference: Globe Gazette (October 14, 2019) “Disappointed in Your Social Security Raise? 3 Steps to Take”

Taking a CEO-Perspective of Your Retirement

These are the people who are smart, busy people and who take an active role in all of the different parts of their lives, leaving little to chance. They are in touch with their advisors and trusted professionals on a regular basis, asking what can be made better, what smart people are doing and how can they do better. That approach, says Kiplinger in the article “Be the CEO of Your Retirement” is part of their success in business and as leaders.

The key point: they are not passive, waiting for things to happen. The same applies to their retirement plans. Everyone should be the CEO of their life and of their retirement. Here are some pointers:

Set goals. CEOs know that things don’t just happen by chance. They understand that employees at all levels need performance goals, if they are going to achieve more. You also need goals with your retirement plan. Maybe it’s about the age when you retire, or how much you want to have saved before you retire. Set goals—and be prepared to make adjustments, if your expectations aren’t met.

Question everything. And everyone. CEOs are really good at gathering information before they make decisions. To do this, they ask a lot of questions. What’s the performance history of your investments? What fees are you paying, and how much are they? Is there an investment strategy that has not been followed? What can you expect to withdraw every month from your retirement accounts? Will it be enough?

Be flexible. A strong CEO is open to new ideas and new concepts. Otherwise, they are left behind.  They also aren’t worried about whose ideas they are—if they work. Be willing to adapt as things that impact you change. As you age, you may want to reduce the risk in your portfolio. The same level of risk that worked when you were 40 or even 50, may not be comfortable or wise now.

Take this position seriously. One study by Harvard professors found that CEOs work an average of 62.5 hours a week. Invest your time in your retirement. You may not need to put in 62.5 hours a week, but you do need to take retirement planning seriously. When should you take Social Security benefits? How will you pay for long-term care? The information you have and the decisions you make will affect you and your family’s life.

Don’t forget the big picture. It’s easy to let whatever fires you are putting out take over your attention. However, CEOs have the ability to focus as much as 50% of their time thinking about the long-range future. If you haven’t had an estate plan created or haven’t reviewed your estate plan in more than two or three years, it is time for an update and a meeting with your estate planning attorney.

The bottom line is that CEOs do things differently than most of us. That’s why they become CEOs. You are ultimately in charge of your own life and your retirement. As your own CEO, you are in charge of doing what you need to attain the success you wish.

The Petrosewicz Law Firm can assist you with your estate planning needs.  Contact us today at (281) 344-9455 or [email protected].  

Reference: Kiplinger (October 15, 2019) “Be the CEO of Your Retirement”

A Sensible Look at Social Security

If it seems like there are too many different recommendations on when to start taking Social Security, you are right. Every week brings another theory of when to take benefits, when spouses should take benefits, or news about Social Security’s trust fund drying up. The recent article from The Denver Post asks “Road to Retirement: When should you start taking Social Security?” This article breaks down the choices and explains what’s really at stake.

The general rule is that for each year you wait after age 62, benefit payments increase by about 6% to 8%. The adjustment depends upon whether you start before or after your “normal retirement date,” which today is 66 for people born between 1943–1954. The Social Security Administration website gives all the estimates for you when you take benefits from age 62 to 70. The longer you wait, the higher your benefit. However, if you wait, you’ll receive benefits for a shorter period of time.

How can you make sure you’re getting everything you’re entitled to? Unless you know when you are going to die, you really can’t. However, on paper, it doesn’t matter that much. Social Security’s actuaries have done the numbers. On average, the benefit payment options are designed to be actuarially equivalent, regardless when you start taking benefits.

If you took a group of 10,000 retirees and analyzed all of their choices, some taking benefits early, others taking benefits late, they would all receive about the same benefits. Some of those who took benefits early will die early. Some who wait will die without ever taking any benefits. Those who wait until age 70 and live until 100, will get more than projected.

Determining which is best, is dependent upon when you die. Unless you have a crystal ball, there’s no way to know whether taking benefits earlier or later will be best for you.

A better approach: consider what risks you are more concerned about and select the strategy that helps to minimize that risk.

If you are worried about living a long time and running out of money, then your best bet is to wait until age 70. You’ll receive about 30% more than if you take benefits at age 66. If you live to 100, then your benefits will come in as long as you are living.

What if you are worried that Congress is going to let Social Security die or change the rules? If that’s your main concern, then you would want to take benefits earlier. That way if benefit formulas change, you’ll know that you got the most you could before the rules changed.

What if you retired at age 63 and a year after that, the markets tanked? Your retirement accounts took a hit and your cash flow is tighter than you anticipated. Social Security benefits could give you the option of taking less from your retirement accounts, while giving the market and your accounts a chance to recover.

What if you are healthy and well and want to enjoy your life to the fullest while you can, including travelling and doing whatever you want while you are well? Then taking your Social Security benefits early makes sense, because you’ll have more income in the earlier part of your retirement.

As you can see, there’s no one right answer for everyone when it comes to taking Social Security benefits early. However, there is one right answer for each person, depending on their lifestyle, retirement account size and personal health.

The Petrosewicz Law Firm can assist you with your estate planning needs.  Contact us today at (281) 344-9455 or [email protected].  

Reference: The Denver Post (Aug. 4, 2019) “Road to Retirement: When should you start taking Social Security?”

When You Might Want to Take Social Security Early

Most people decide to start receiving Social Security benefits when they turn 62, or when they stop working, if they’re older than 62. Social Security’s own statistics show that 70% of the 42.4 million retirees get reduced benefits, because of taking them before their full retirement age, according to a recent article aptly titled “Why You Might Want to Take Social Security Early” from Government Executive. While there are plenty of reasons to take Social Security as late as possible—as late as 70—there are also reasons why it makes sense to take it earlier.

The biggest one, is if you can’t afford to retire without claiming your benefit. There’s no need to sacrifice your financial security early on in the hope that you’ll get a big payout later in life. However, you should do those calculations carefully. A Social Security benefit along with other retirement sources, like a federal retirement benefit for federal employees, might provide adequate income. Just make sure that you’re balancing all the funds you are withdrawing and be mindful of taxes on those withdrawals.

Social Security benefits are a little more tax-friendly than withdrawals from traditional retirement savings. Delaying Social Security and increasing the withdrawals from retirement savings a little between the ages of 62 and 70 might lead to lower tax bills in your later years.

Another reason to take your benefits early, is to help family members receive benefits based on your work record. A spouse or child could receive a monthly benefit of up to half of your full retirement benefit, if they qualify. If your spouse does not have an earned Social Security benefit of their own, or if their benefit is smaller than half of yours, it may be helpful for you to claim early.

The Social Security Administration reports that of the 25 million women age 65 or older who were receiving benefits as of December 2017, 52.2% of them were entitled solely to a retired-worker benefit. About 26.5% were entitled to both a retired-worker benefit and a wife’s or widow’s benefit, and about 21% were receiving wife’s or widow’s benefits only.

Note that payments to your family do not decrease your own retirement benefit. The value of the benefits your family may receive, when added to your own benefits, may help you decide that filing early for benefits will be better.

A widow or former spouse can explore what benefits their deceased or ex-spouse has earned. In some cases, you may be able to apply for retirement or survivors benefits now and switch to a higher benefit later. If you are already receiving retirement benefits, you can only apply for benefits as a widow or widower, if the retirement benefit you receive is less than the benefits you would receive as a surviving spouse.

If you were born before January 2, 1954 and have already reached full retirement age, you have the choice of receiving only your current or divorced spouse’s benefit and delay claiming your own retirement benefit. If you were born after that, the option to take only one benefit at full retirement age is no longer available. Therefore, if you file for one benefit, you will effectively be filing for all retirement or spousal benefits.

The Petrosewicz Law Firm can assist you with your estate planning needs.  Contact us today at (281) 344-9455 or [email protected].  

Reference: Government Executive (July 18, 2019) “Why You Might Want to Take Social Security Early”

What Do These People Know about Retirement that You Don’t?

The idea of retiring early and leading a life of complete leisure does have its appeal. However, not everyone is in a big hurry to say goodbye to their working life. Many people enjoy their work, finding it rewarding, enjoying the social aspect of their job or, they just need the money. It’s hard to argue with some of these positive attributes of working longer, says USA Today in the article “18% of baby boomers and Gen Xers plan to work past age 74. Why you should do the same.”

If you’re convinced that you’re going to stop working as soon as you possibly can, it may be worthwhile to consider a few good reasons to continue going to work. Consider these reasons:

Keep your retirement savings growing. The more money you accumulate in your retirement accounts, the more financial security you’ll have in your later years. However, a large percentage of middle-aged and older workers are woefully behind. How many? Try 17% of all boomers who have less than $5,000 saved for retirement, according to the study referenced above. Retire too early, and you’ll have far fewer options. Working longer will give you more time to save more.

Let your Social Security benefits reach their maximum potential. Another aspect of a smaller retirement nest egg is an increased dependency on Social Security benefits, which were never designed to replace 100% of workers’ incomes. One way to maximize your benefits is to wait to take your benefits as long as possible, up to age 70. Doing so could allow you to accrue delayed retirement credits that increase benefits by 8% a year.

Say your Social Security benefit at age 67 is $1,500. If you keep working until 70, that monthly benefit will grow to $1,860. If you are the higher earner, your surviving spouse will receive higher benefits.

Stay socially connected and avoid boredom. Did you know that retirees are more likely—by 40%—to be diagnosed with depression? Most of that is a direct result of being bored. Older Americans who don’t work often struggle to adjust to their new lifestyle. If you don’t have a lot of free cash to spend on travel and activities, you may find yourself bored, restless and isolated.

If your job also serves as a social outlet, you may be better off mentally and financially to extend your working years.

People don’t like the idea of a shorter period of retirement, especially when their family and friends are starting to retire. However, remember that people are living longer these days, and one out of every three people who are 65 right now are expected to live past age 90, while roughly one in seven will live past age 95.

You don’t have to miss out on retirement just because you work a few more years. If your finances and your mental health will benefit from sticking around on the job, it’ll be well worth the effort.

The Petrosewicz Law Firm can assist you with your estate planning needs.  Contact us today at (281) 344-9455 or [email protected].  

Reference: USA Today (June 29, 2019) “18% of baby boomers and Gen Xers plan to work past age 74. Why you should do the same.”