RJG Legal

Here's a New Year’s Resolution You Must Keep

“As the 2018 new year quickly approaches, many are considering a resolution that will have an immediate impact on their lives.”

Many of us will set resolutions of general wellness, such as eating more healthily, exercising more or getting out of debt. However, the most impactful resolution you can make—and keep—for 2018 is completing your estate plan.

Birmingham Business Journal’s recent article, titled “Why an estate plan should be a resolution for 2018,” says that planning for your family’s future once you’re no longer living, or unable to make choices for yourself, will have a serious impact on your entire family.

Once you sign your last will and testament and living will, you immediately eliminate a lot of stress for your family because no one will need to guess about your final health care wishes or where you wanted your assets to go.

As we move into 2018, make the resolution to remove the guess work from these extremely important decisions and plan for your and your family’s future. Preparation now can avoid unnecessary expenses and family squabbles.

When you create an estate plan, you can achieve your long-term goals and preserve your legacy for your children and grandchildren. You can also give to the charity of your choice.

If you don’t have a plan for your estate, the state’s plan may not align with what you would have wanted. If you die without a last will and testament—known as “intestate”—the laws of the state will dictate how your assets will be distributed.

Your estate doesn’t need to be large and taxable to necessitate an estate plan.

Take care of your estate planning, and your family will thank you.

Reference: Birmingham Business Journal (December 14, 2017) “Why an estate plan should be a resolution for 2018”

Link Found Between Premature Death and Premature Retirement

“US Census figures reveal a clear correlation between premature death and premature retirement, according to an analysis by Cornell University.”

The Daily Mail reports in its recent article, "Retiring early could kill you – especially if you're a man,” that US Census figures show a strong correlation between premature death and premature retirement. The analysis was conducted by Cornell University.

The link between premature death and premature retirement is stronger among men. They have a 20% higher mortality risk. They have a 20% higher mortality risk if they start claiming Social Security benefits at 62, which is three years premature. Researchers believe it could be due to workers forced to take early retirement, due to underlying health issues.

However, there’s no data to show that people who retire early die sooner than those who keep working past 65.

The research was conducted by economists Maria Fitzpatrick and Timothy Moore and entailed analysis of birth and death records for the entire US population. This was compared to data on claims for pensions, looking at each claimant's gender and age, and subsequent mortality.

The researchers found that a third of Americans start taking Social Security benefits at 62, which is thought to be early retirement for most employees. For those whose retirement technically started at 62 or earlier, retiring at 62 didn’t have an effect on their health.

However, the study found that those who retired early at 62, had a significantly higher mortality rate than workers who retired on time.

Fitzpatrick and Moore concluded that early retirement “may have an immediate, negative impact” on health.

This isn’t the first study to find this connection. In 2016, researchers at Oregon State University found that those who work past age 65 could add more years to their life. That group of individuals was 11% in the study. But those termed unhealthy who also worked another year longer had a 9% lower mortality risk.

Reference: Daily Mail (December 19, 2017)”Retiring early could kill you – especially if you're a man”