Estate planning is not something only the elderly should do. People need estate plans at any age, especially when they have children.
However, realistically, it’s something most Americans start thinking about a bit more often when they grow older. That’s when it becomes clear to them that they need a plan in place to transfer their wealth to their children.
With that in mind, let’s take a look at some interesting facts about the aging population in the United States:
- By 2060, experts have determined that there will be 98.2 million people in the United States who are at least 65 years old.
- When they reach that number, the elderly will make up about 25% of the population.
- Almost 20 million of these individuals will actually surpass the current life expectancy and reach 85 years old or older.
- When looking at those 65 and above, the median income in 2015 was $38,515.
- Most also have significant assets, as indicated by the fact that, in 2016, a full 79.5% of them owned their homes. Many of the elderly are also business owners.
How will all of this wealth get passed down? What considerations have to be taken for businesses, homes, and other high-value assets? Are any of these numbers going to change significantly as the aging population massively increases in the decades to come?
These are all important questions to ask. Estate planning is vital for people who are growing closer to the end of their lives. They must know what options they have, what challenges they face and what steps they can take that put their families first.