There are two main ways to look at net worth in America. The first is by looking at the average for every household, and the second is by looking at the median. These may seem similar, but they yield vastly different results.
People already live to 100 years old. It is not the norm, with the life expectancy in the United States still under 80, but that changes a little bit every single year. In time, experts believe that 100 will become the average.
Retiring already forces you to start thinking about your finances, your long-term earnings, your Social Security benefits and a lot of other financial details. You may also think about the medical care you'll likely need as you enter this later stage in your life, and you'll just be conscious of the fact that you're getting older as your career comes to a close.
Have you ever heard that most people have never done their estate planning or written a will? It's a concern that experts have expressed for quite some time, seeing as how everyone will eventually pass away and need an estate plan. That makes it feel like something that 100% of people should do, and yet the statistics have always painted a bleak picture.
You wrote a will 10 years ago. You have not thought about it since. You just filed it away, glad to have something in writing, feeling like you'd taken an important step.
You have never written a will. When you ask your friends, most of them haven't done it either. They all say that they need to, and they express remorse that they haven't done it, but the reality is still clear: You're not alone. People often do not do any estate planning.
Disinheritance means, in the most general sense, that you are leaving someone out of your will. They expected to get an inheritance from you -- often, this person is a child -- but your estate plan gives the money to others.
You are thinking of doing your estate planning, but you just got married for the second time. Your first marriage ended in divorce. Is there anything you need to know about planning the second time around?
Do you think that at some day in the future you will need to pass your assets on to your heirs or other beneficiaries? Of course, the answer is yes. We are all going to pass away eventually and we need to transfer our wealth -- no matter how much or how little we have -- to someone else.
Do not make the mistake of assuming that your estate plan will stand forever just because you finally got it down on paper. This is not a one-time event. It's important to periodically review your plan and make alterations to ensure that it still fits with what you need it to do.