10 Facts & Stats: Estate Planning, Aging, Retirement, and Funerals in America
Estate Planning: As of 2023, 67% of American adults do not have a will or any form of estate plan in place. Without proper estate planning, your assets could be distributed according to state laws rather than your wishes.
Unclaimed Assets: Each year, billions of dollars go unclaimed in the U.S. due to inadequate estate planning and poor record-keeping, leaving families without access to their rightful inheritance. Tip: Find your unclaimed property here.
Aging Population: By 2034, there will be 77 million people aged 65 years and older, outnumbering children under the age of 18. As the population ages, the need for comprehensive estate planning becomes more critical.
Retirement Savings: Approximately 25% of non-retired adults have no retirement savings or pension, putting their future financial security at risk. Proper estate planning can ensure that your savings and assets are protected and distributed according to your wishes.
Wealth Transfer: Baby boomers are expected to transfer about $68 trillion in wealth to their heirs over the next few decades. Without a clear estate plan, this wealth transfer could lead to disputes and legal challenges.
Funeral Costs: The median cost of a funeral with a viewing and burial in 2021 was $7,848, while the median cost for a funeral with cremation was $6,971. Planning in advance can help alleviate the financial burden on your loved ones.
Life Expectancy: The average life expectancy in the United States was 77.3 years in 2020. Planning for end-of-life care and decisions is an essential part of comprehensive estate planning.
Long-Term Care: About 70% of people aged 65 and older will require some form of long-term care services during their lifetime. Including long-term care plans in your estate preparation can protect your assets and provide for your care needs.
Retirement Income: Social Security benefits represent about 33% of the income of the elderly. Proper estate planning ensures that all potential income sources are accounted for and managed efficiently.
Estate Taxes: The federal estate tax exemption is $12.92 million per individual as of 2023. However, state estate taxes and other costs can still impact your estate. Proper planning can help minimize these taxes and preserve your wealth for your heirs.
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Don't leave your loved ones with uncertainty and stress. Buried in Work's Estate Preparation Package offers a comprehensive solution to organize your financial and legal affairs. Ensure your assets are distributed according to your wishes, reduce the burden on your family, and protect your legacy.
