The segment of the population known as “baby boomers” is beginning to retire from the workforce. If they have not already created an estate plan, it is imperative that they do so. Estate planning can include medical directives, powers of attorney, a trust or a will. New Jersey families may feel intimidated if they are of the boomer generation and haven’t yet started determining their end-of-life directives, but it is never too late to make such an important change.
People are living much longer lives, so even if a boomer retires around the national retirement age of 67, he or she could live another 20 or 30 years. A significant portion of the population over the age of 65 requires long-term care at some point in their lives, and those costs are not covered by Medicare. Insurance for long-term care does exist, but there can be gaps in coverage and expensive premiums. An estate plan can determine what money should be designated for the person’s care post-retirement.