Wright Abshire, Attorneys, A Professional Corporation
Houston: 713-660-9595
The Woodlands: 936-273-2773
Fayette County: 979-278-4095

Baby boomers may face long and expensive retirements

Texas residents who are part of the baby boom generation are starting to think more and more about their retirements. Advances in medical care mean that people today often live for 20 or 30 years after a regular paycheck becomes a thing of the past, and analyzing post-retirement income and cash flow in relation to assets is an important part of estate planning.

One of the primary considerations for soon-to-be retirees is where they will live during their golden years. One choice would be to remain in their current home. While this may seem an attractive option from an emotional standpoint, the costs involved could become a real burden as time goes on. Additionally, expenses like property taxes and maintenance could become crippling for a surviving spouse if their partner were to die.

Assisted living is another option, but the anticipated costs in the coming decades for this type of arrangement could make sober reading for couples who have not planned adequately. According to a June 2013 study conducted by Long Term Care Group, the cost of a room in a nursing home is expected to rise from $38,011 a year in 2013 to more than $164,000 in 2043. Even more alarming is that the cost of a home health aid is expected to more than quadruple over the same period to a staggering $294,482 per year.

While statistics like this may be alarming for the unprepared, there is usually still time to take steps to ensure a comfortable retirement. An attorney with experience in estate and financial planning may be able to provide options to clients facing a long retirement. With the help of legal professionals, future retirees can discover strategies to help minimize their tax exposure while safeguarding their financial futures.

Source: Forbes, "Planning To Make The Right Move In Retirement", Carla Turchetti, December 10, 2013

No Comments

Leave a comment
Comment Information

We Believe in Client Satisfaction Here is what our clients say about our hands-on approach to elder law and estate planning.

  • Thank you for your caring expression of sympathy. But more importantly, I want you to know how much your warmth as human beings has been palpably present in all the social and business intercourse we have experienced with you. Your willingness to allow yourselves to be completely human as you ply your trade adds a dimension to your professional stature which is unparalleled by most of your profession. Please don't change. You stand head and shoulders above the crowd. - L.T
  • Everyone in the firm was extremely cordial, courteous and professional, which made our family feel at ease knowing that our needs would be expertly managed. - R.L.
  • Everyone I came in contact with were kind and helpful. They were so professional as well as personable. I loved them. - J.B.
  • Very helpful in a family time of need. Excellent staff and service. After dealing with the State I have no idea how anyone could take this journey without the law firm's services. - L.N.
  • The firm did all things especially well. I was always impressed by the competent manner in which everyone worked and was confident that it would be "mission accomplished..." – J.T.
  • No detail was overlooked. Everything went very well. We feel so fortunate that your firm is well informed, capable and willing to do so much for us. I can't thank you enough for everything! - N.C.
Learn More
Email Us for a Response

Have a question about elder law in Texas? We can help. Schedule A Consultation Now

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

"The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form."

Contact Our Texas Elder Law Attorneys Today We have 3 locations to better serve you. Contact our office closest to you.

Bellaire Office
4949 Bissonnet Street
Bellaire, TX 77401

Phone: 713-660-9595
Fax: 713-660-8889
Bellaire Law Office Map

Bellaire Office

The Woodlands Office
3117 College Park Drive, Suite 240
The Woodlands, TX 77384

Phone: 936-273-2773
Fax: 713-660-8889
The Woodlands Law Office Map

The Woodlands Office

Carmine Office
1055 Deer Haven Road
Carmine, TX 78932

Phone: 979-278-4095
Fax: 713-660-8889
Carmine Law Office Map

Carmine Office
Back To Top