Americans are currently living longer than ever before thanks to revolutions in healthcare and medical technology. Researchers estimate that the average lifespan is now nearly twelve years longer than it was in the 1940s. As a result, the estate planning approach taken in decades past is no longer valid for many New Jersey residents.
Individuals should take a second look at their existing retirement and estate plans and begin to think about these two areas as a combined set of interests. Living longer means that the savings set aside for retirement may have to stretch for many more years than in previous generations. Many people will continue to work far into what is considered to be a standard retirement age.