ElderLaw News-The Estate Planning & Elder Law Firm, P.C. — MD, VA, DC
ElderLaw News
ElderLaw News is a weekly e-newsletter that brings you reports of legal developments and other trends of vital interest to seniors and their advocates. This newsletter is brought to you by The Estate Planning & Elder Law Firm, P.C., William S. Fralin, Esq., President., William S. Fralin, Esq., President.

Influences on Retirement Age

Have you thought about what age you would like to retire?

Unfortunately, the decision may not be completely within your control. There are many reasons you will end up retiring at a particular age. A few of these will be discussed below.

First, the foremost reason you may retire before, let’s say, 62, is because of poor health. If you have had a largely physical job, the toll of working outdoors, while enjoyable, has put more stress on joints and your extremities than an indoor job might have. Also, if you have had a serious illness, although you may now have recovered, a weakened heart or immune system may just not be up to the stress of a job. In addition, while you yourself may enjoy good health, a family history of early death may induce you to take an early retirement date. Take for example the case of Mike Miller, a personal injury lawyer in Marshall, Texas. He decided to retire at age 55. His father retired at age 61 from school administration, and died 8 months later. While his father had a history of smoking and prostate cancer, Mr. Miller, though disease-free, did not want to chance it. His two daughters were finishing their educations, so he decided he could afford it, as long as he was reasonable with his spending. One could say Mr. Miller was making a personal decision about what was best for him.

On the other hand, some consider the longevity statistics compiled by the Social Security Administration. A male who makes it to 65 can expect to live, on average, to 84.5 years old. Women who are alive at age 65 can expect to live until at least 86.8 years old. But, of course, these are just statistics. They will hold true for most people, but maybe not for you as an individual. So in the end it is the individual’s choice about what is best for him.

Second, older workers may go ahead and retire earlier than they had expected because of technological changes in the workplace. People in their 60s and 70s today were born in the 1940s and 1950s. While immensely beneficial, the internet and computers have changed the workplace forever. Sally Shelburne, 73, of Washington, DC decided to retire from her job as a lecturer at the National Gallery of Art. Although she has a doctorate in modern art, she just didn’t feel adequate to adapt to changing job requirements. She voluntarily decided it was the right time to retire.

Third, age-related factors may affect you. When Lesley Evans-Lane, 60, a board certified academic coach, was forced to move from Albuquerque to Portland because of her husband’s job, she found that transitioning to new employment in her desired field was not easy. A young worker can be hired more cheaply and has the allure of being closer in age to the people with whom she would be working. Eventually, she accepted part-time work at an animal shelter. She may make the decision to retire before her target goal of age 65.

In conclusion, there is no one right recommendation for everyone. Just be aware of the factors which may come into play as you age. It’s never too early to start thinking about it. The Estate Planning & Elder Law Firm, P.C. can refer you to a financial planner who may be able to structure your finances to allay your concerns about the retirement process.


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The Estate Planning & Elder Law Firm, P.C.

The Estate Planning & Elder Law Firm, P.C. is an elder law firm. We represent older persons, disabled persons, their families, and their advocates. The practice of elder law includes estate planning, estate and trust administration, powers of attorney, advance medical directives, titling of assets and designations of beneficiaries, guardianships, conservatorships, and public entitlements such as Medicaid, Medicare, Social Security, and SSI, disability planning, income tax planning and preparation, care management, and fiduciary services. For more information about The Estate Planning & Elder Law Firm, P.C., please visit our website at http://www.chroniccareadvocacy.com.

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This newsletter is not intended as a substitute for legal counsel. While every precaution has been taken to make this newsletter accurate, we assume no responsibility for errors, omissions, or damages resulting from the use of the information in this newsletter. The Estate Planning & Elder Law Firm, P.C. thanks the law firm of Hook Law Center for their input to this newsletter.

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