Planning Includes for Retirement

Estate planning isn’t just about planning for death and for your loved ones to be taken care of you when you die. At its root, estate planning is all about planning for the future, and in a world in which traditional routes of retirement planning have changed significantly, it’s now more important than ever to think about retirement even when it’s a long way off. According to Bankrate, there’s a “flurry of new changes taking place in the retirement planning industry,” and they’re not trends to be ignored.

Planning Includes for RetirementDavid Wray, president of the Profit Sharing/401k Council of America, based in Chicago, told Bankrate that “there’s been a philosophical shift going on for several years from a ‘if you build it they will come’ mentality to a more paternalistic approach of offering (retirement) plans.” One example of this is the growth of numbers of companies that offer automatic enrollment in a 401k plan, which usually reduces the take-home paycheck by 3 percent. As Bankrate reports, “currently, the number of companies offering automatic enrollment is heading steady at about 30 percent, but as market conditions improve, that figure could climb to 50 percent.”

In this unstable market and given how quickly conditions can change for even the most time-tested means of retirement savings, it’s important to seek the advice of a qualified professional when looking to the future. Not all investments—even those in 401k’s—are guaranteed, and the process of planning is best gone through with an experienced team on your side. If you or someone you know is interested in retirement planning, don’t go through it alone. Contact a Chicago-area estate planning attorney today.

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