Friday, December 14, 2018

Claims of undue influence difficult to prove because of lack of evidence

Claims of undue influence difficult to prove because of lack of evidence

by Steven Gnewkowski, Esq Dec 14, 2018

Summary: The existence of undue influence in the creation of an estate plan is a common allegation but difficult to prove. In most cases, there is a lack of reliable evidence available. However, in some obvious cases, a presumption of undue influence can arise, and if some critical facts are established, it may be worth contesting the validity of a will or trust.

The allegation that a family member was inappropriately compelled to include or omit a beneficiary from an estate plan is often raised, but in reality is difficult to prove. There are several reasons why this is the case.

First, direct evidence of misconduct, such as eyewitness testimony, that would serve to support the contention that the testator was persuaded to favor a certain individual over others, rarely exists. Undue influence tends to occur behind closed doors without witnesses present.

Second, the courts have long held that evidence of opportunity alone does not permit an inference that undue influence occurred. The mere fact that a particular person spent a great deal of time with the testator does not in and of itself give rise to a presumption that such a person unduly pressured the testator into drafting or revising an estate plan in a way that would inure to the benefit of that person.

Third, the allegation is typically brought after the testator is deceased. It is only then that one or more family members expecting to be included among the beneficiaries are surprised to find out for the first time that they will not be receiving the share they were expecting. Unfortunately at this point, the testator is not available for further questioning.

So while in many cases there may be a lack of reliable evidence available to support a claim of undue influence, the law recognizes that in certain circumstances the contesting party may be entitled to a presumption of undue influence. Experience has taught that if certain evidentiary facts can be established, there is a strong likelihood that undue influence occurred, and may therefore be presumed, unless rebutted by other evidence.

The law will presume that undue influence has occurred, for example, where a patient makes a will in favor of his physician, a client signs a will naming the lawyer who drafted the document as a beneficiary, or a sick person leaves all of his assets to the clergyman attending to him. The presumption of undue influence arises from a confidential or fiduciary relationship, an opportunity to exercise influence, and the proof of a benefit to the alleged influencer.

Relationships of inequality are inherently suspect, such as a guardian and ward, an agent and principal, or an attorney and client. These are situations where dominion may be exercised by one person over another. The contestant therefore needs to prove three critical facts to give rise to a presumption of undue influence.

First, that there existed a confidential or fiduciary relationship between the testator and the fiduciary; second, that the fiduciary (or an organization or party he represents) will benefit; and third, that the fiduciary had the opportunity to exercise influence over the testator’s decision making. If the claimant can meet this burden of proof, the burden then shifts to the accused wrongdoer to offer evidence that may contradict and disprove the contention that any undue influence took place.

Since litigation is expensive, time consuming and often causes irrevocable damage to family relationships, in the absence of clear and convincing evidence, careful consideration should be given, and the advice of a qualified professional should be sought, before commencing a will or trust contest.

This article, written by Steven Gnewkowski, a Michigan-based attorney with 44 years of experience, is published by Legacy Assurance Plan and is intended for general informational purposes only. Some information may not apply to your situation. It does not, nor is it intended, to constitute legal advice. You should consult with an attorney regarding any specific questions about probate, living probate or other estate planning matters. Legacy Assurance Plan is an estate planning services company and is not a lawyer or law firm and is not engaged in the practice of law. For more information about this and other estate planning matters visit our website at www.legacyassuranceplan.com.

This article is published by:
Legacy Assurance Plan
8039 Cooper Creek Blvd
University Park, Florida 34201
844.306.5272 (Phone)
info@legacyassuranceplan.com (email)
#legacyassuranceplan
@assuranceplan

Tuesday, December 11, 2018

Are you in the sandwich generation? If so, expect financial and emotional challenges

Are you in the sandwich generation? If so, expect financial and emotional challenges

by Tom Alberts Dec 11, 2018

Summary: Members of the sandwich generation – typically those who provide support for their children as well as aging parents – are prone to financial hardships and a stressful existence. Experts say those in a caregiver role for multiple generations can take steps to ease the emotional and economic challenges.

If you are like millions of Americans, you could face a life-altering detour on your path to the American dream.

There’s a decent chance that if you are middle-aged and have kids and aging parents, you’ll wind up in the middle of the so-called “sandwich generation,” providing simultaneous support to the generations below and above you.

Almost half of Americans in their 40s and 50s share a common situation in life. They have a parent age 65 or older and are raising a youngster or financially supporting a grown child (18 or older) who may or may not still reside at home, according to a Pew Research Center study. Of those people in the middle generation, about one in seven – an estimated 20 million Americans – provides financial support at the same time to both an older parent or parents and a child or children.

“With an aging population and a generation of young adults struggling to achieve financial independence, the burdens and responsibilities of middle-aged Americans are increasing,” Pew’s study found.

Those burdens aren’t confined to finances and pull at both the family’s purse strings and heartstrings, experts say.

“Not only do many provide care and financial support to their parents and their children, but nearly four in 10 (38%) say both their grown children and their parents rely on them for emotional support,” Pew says.

A MoneyTrack report describes the dynamic as a tug-of-war between time, love and money. “The everyday routine can feel like a game of beat the clock, squeezed between kids struggling to grow up and parents struggling to age with dignity,” the report says.

Filmmaker Julie Winokur and her husband, Ed, made an award-winning documentary in 2008, aptly titled “The Sandwich Generation,” which chronicles her family’s experience after she and her husband and their two preteen kids moved across the country to live with and take care of her 83-year-old father with rapidly progressing dementia. Winokur simply describes her peers as “people who are taking care of their children taking care of their parents.”

Winokur’s story exemplifies the enormous challenges facing all layers of the sandwich generation.

“We uprooted our lives and moved 3,000 miles in order to be there to support my father,” Winokur says. “It’s like the primetime of my life, and I basically gave it away.”

The film depicts the double duties of Winokur and her husband as they tend to the kids’ needs – breakfast, homework, a shoulder to cry on – and the needs of her aging father that encompass everything from dressing him to handling his finances and making health care decisions to simply using the remote control.

Their experience shows how aging parents can lose their sense of freedom and diminished personal pride over their inability to live independently. Another lesson: Children, meanwhile, may feel ignored or as if they are a burden themselves while those in the middle place their own retirement at risk.

What’s the upside?

Despite the difficulties, there can be benefits. Perhaps it’s simply the personal satisfaction of caring for a loved one. For Winokur’s family, a huge blessing of their sandwich generation experience is the positive values instilled in the youngest generation.

“The kids are being given this life lesson in what it means to care for someone – what it means to come through for someone else,” says Winokur’s husband.

“It’s pretty cool having my grandpa in the house with us, but it’s a little stressful for my parents,” says their grade-school age son.

“I will have no regrets when I look back on this, but darn, it’s hard while you are in it,” Winokur says.

Studies support the anecdotal evidence found in Winokur’s example. Despite the burdens and challenges those in the sandwich generation face, a 2018 Pew study found that caregivers cherish their roles. “The act of caring for an adult is often a very meaningful one for those who do it,” Pew found. “Caregivers rated about half of their caregiving experiences this way.”

How did we get here?

These days, not everyone will endure the challenges of the sandwich generation, but being stuck in the middle used to be a way of life for the majority of Americans.

Retirees began receiving Social Security benefits in 1940 – when the life expectancy was 60.8 years for men and 65.2 for women. Before then, “most elderly widows lived with one of their children – so common a practice that it developed a nostalgic sheen, enshrined as the way things ought to be,” according to a recent New York Times report.

A landmark study conducted for the National Institute of Aging in 2000 found that 18% of elderly widows lived alone in 1940, and that climbed to 62% by 1990. “Income growth, particularly increased Social Security benefits, was the single most important determinant of living arrangements, accounting for nearly one-half of the increase in independent living,” the study found.

The longevity of Americans has been on a steady rise over the decades, according to the Population Reference Bureau. The life expectancy of Americans since 1900 has increased from 47 to 79. Meanwhile, the U.S. population of people 65 and older is expected to double and reach 98 million by 2060.

Taking notice of this demographic trend was a scholar, not a food critic, who first coined the term “the sandwich generation” in a 1980 academic paper.

“Adult children of the elderly, who are ‘sandwiched’ between their aging parents and their own maturing children, are subjected to a great deal of stress,” University of Kentucky professor of social work Dorothy A. Miller wrote in the abstract to her 1980 study. “As a major resource and support for the elderly, this group has a need for the services that is only beginning to be met by the helping professions.”

In the meantime, if you’ve watched television over the past several decades, you’ll find dozens of examples of the sandwich-generation theme. Popular culture provides many variations of the family dynamic in which middle-age people provide support to both younger and older generations. One could argue “The Waltons” family probably had it the worst, trying to make ends meet during the Depression, pinching pennies for John-Boy’s education and coping with grandma’s stroke and grandpa’s unexpected death. In most sandwich generation scenarios – real and imagined – there’s plenty of drama involved.

How to survive the sandwich generation?

So, what are some strategies if you have or may have the young, the old and you – the in-between generation – all under one roof? After all, in some cases, parents have depleted their retirement resources to pay for caregivers and now rely on you for financial and physical support.

With one in seven adults providing support to both an aging parent and a child, it makes saving for the college and retirement funds that much harder. Some actions to consider:

Don’t wait for a crisis. There are a lot of issues to address throughout life to prepare for a sandwich generation situation. Does the parent in need have adequate retirement savings or long-term care insurance? Can other siblings also participate in and contribute to the support system? “Don’t wait until there is a health scare or a financial crisis to start having these conversations,” advises CNN’s Christine Romans. “The needs of your loved ones are important, but so is your own financial future. So, talk openly and honestly with the people you love and don’t put your own retirement at risk.”

Don’t wait for a crisis. There are a lot of issues to address throughout life to prepare for a sandwich generation situation. Does the parent in need have adequate retirement savings or long-term care insurance? Can other siblings also participate in and contribute to the support system? “Don’t wait until there is a health scare or a financial crisis to start having these conversations,” advises CNN’s Christine Romans. “The needs of your loved ones are important, but so is your own financial future. So, talk openly and honestly with the people you love and don’t put your own retirement at risk.”
Get planning documents in order. Sandwiched family members should have powers of attorney for health care and finances for the people in their care as well as themselves. Medical release forms and advance directives (living wills) regarding end-of-life treatment decisions should be completed, and wills, trusts, beneficiary designations and other planning documents should be reviewed and updated. Also, professional legal and financial advice can help families navigate through a sea of paperwork and the complications involving Social Security benefits, Medicare, Medicaid and insurance coverage and claims.
Get a support system. Friends, other families, neighbors and community organizations are a valuable resource that can reduce the vice-like pressure sometimes felt by those squeezed in the sandwich generation, the MoneyTrack report suggests. Consider including your employer as part of your support group. It may require explaining your situation to your boss if you anticipate needing time off or other considerations because of your caregiving obligations.
Provide assistance where it’s truly needed. Romans suggests establishing some important “boundaries.” For example, children in the home are one thing; 30-year-old gamers in the basement are another. If finances are tight, “whatever you do, don’t make living at home too comfortable for them – you are not running a bed and breakfast,” she advises. “Find ways for them to contribute financially.”

What are the biggest challenges?

1. It’s a financial drain

Family caregivers spent about 20% of their income in 2016 toward the care of loved ones, according to an AARP study. For lower-income folks, the out-of-pocket costs consumed closer to 44 percent of their wages. “Family caregivers report dipping into savings, cutting back on personal spending, saving less for retirement or taking out loans to make ends meet. More than half of family caregivers reported a work-related strain, such as having to take unpaid time off,” the study says.

2. The denial of reality

Stress is another huge problem for those in the sandwich generation, but there are ways to address the anxieties, says gerontologist Amy O’Rourke in a Ted Talk presentation on the subject. “We are afraid of endings,” O’Rourke says. “We are scared of seeing our parents get smaller, more diminished – shaky judgment, walking slower. We are scared, and we deny it. We pretend it’s not there; we don’t want to face it.” A failure to accept the decreasing ability of older people to care for themselves causes stress for all those involved, she says.

3. You can’t go backwards

Aging is a one-way transition, O’Rourke advises. “Kids want the parents to go backwards. They want them to go back to where they were, and they miss where they are.” Don’t expect an aging parent to stay the same, and realize that the aging process is not reversible, she says. “The most important thing is to be there.” Another piece of advice: Do not consider caring for an aging parent as a role reversal. “We never become our parents’ parents, and if you try, you won’t do so well,” and don’t expect an elderly parent to suddenly enjoy being bossed around, she warns. “You are responsible for them, but you should work on a way of communicating to help them manage this time of life without insulting them and telling them what to do. And it takes some work.”

4. It’s going to be a lifestyle change

As parents age and require some level of care, your responsibility begins – whether or not they live in the same town as you, O’Rourke says. Those who accept their responsibility as a caregiver will have less stress than those who don’t, she observes. O’Rourke relates a little-known story about the tough decision Condoleezza Rice faced when she was offered the position of secretary of state. “She almost turned that job down. You know why? Because her father had a stroke, and she didn’t know if she could do that job and take care of her father.” Rice felt her first responsibility was to her aging parent and only accepted the post once she was assured his needs would be met, O’Rourke said.

Do you have an estate plan?

A place to start is to put your planning house in order. There are numerous options and scenarios to consider when developing an estate plan that protects you and achieves your objectives, and important decisions should be made with the advice of qualified lawyers and financial experts. Membership with Legacy Assurance Plan provides members with valuable resources and guidance to develop comprehensive estate plans that take life’s contingencies into consideration and leave a positive impact for generations to come. Legacy Assurance Plan members also receive peace of mind that a team of trusted, experienced professionals will assist them in developing legal, financial and tax strategies that will meet their needs today and for years to come through periodic reviews.

This article is published by the Legacy Assurance Plan and is intended for general informational purposes only. Some information may not apply to your situation. It does not, nor is it intended, to constitute legal advice. You should consult with an attorney regarding any specific questions about probate, living probate or other estate planning matters. Legacy Assurance Plan is an estate planning services-company and is not a lawyer or law firm and is not engaged in the practice of law. For more information about this and other estate planning matters visit our website at www.legacyassuranceplan.com.

This article written and published by:
Legacy Assurance Plan
8039 Cooper Creek Blvd
University Park, Florida 34201
844.306.5272 (Phone)
info@legacyassuranceplan.com (email)
#legacyassuranceplan
@assuranceplan

Friday, December 7, 2018

Family learns valuable lessons as Legacy Assurance Plan members

Stack of old library books with a small plant begining to grow out of the top open book.

Family learns valuable lessons as Legacy Assurance Plan members

by Tom Alberts Dec 7, 2018

Summary: An Alabama couple dedicated their careers to teaching others, but they say the lessons they’ve learned and plans they’ve developed as Legacy Assurance Plan members now benefit the oldest and youngest generations of their family.

Before his recent retirement, David K. spent the past four decades in Alabama and Tennessee as a teacher, coach and school administrator overseeing the curriculum and instruction for thousands of students.

His wife, Carolyn, also dedicated her career to sharing knowledge with others, retiring after 27 years as an English and performing arts teacher.

But lately, David and Carolyn say they have utilized the lessons learned as Legacy Plan members to create comprehensive life and estate plans that now protect and benefit four generations of their family.

Life has been hectic over the past year for David, 66, and Carolyn, 67, because of some family challenges. They both have elderly mothers in their 90s. Carolyn’s mother recently moved into their home and is under hospice care. Her mother, who had lived alone as a widow for nearly 40 years, suffered a fall, and the resulting injury caused cognitive issues.

Each week, the retired educators travel 90 minutes to the home of David’s mom, a proudly independent woman, to visit with her and lend a hand around the house. They also find time to visit with the families of their two adult daughters.

“We stay on the road quite a bit, watching the grandkids play ball and taking care of our mothers. That’s kind of the stage we are in right now,” says David, a soft-spoken gentleman who shares his story in a soothing Southern drawl.

Their oldest daughter, 39, a pediatrician, is married to a mechanical engineer, and they have two children. Their youngest daughter, 34, a high school teacher, took the lead of mom and dad. Following tradition, she married someone in the same line of work – an assistant principal – and they also have two youngsters.

With the addition of grandchildren, the issue of aging parents and the desire to leave a lasting legacy, the family dynamics and priorities for David and Carolyn changed. They had come to realize that the wills they executed several years ago were out of date. They also knew they needed to be able to look out for the health and financial interests of their aging parents.

Yet they encountered a common stumbling block.

Where to begin?

David says he had done a lot of reading about estate planning and attended retirement seminars over the years, but the task remained daunting.

David’s luck changed last year when he learned of Legacy Plan’s services after receiving a postcard in the mail. He returned the card to get more information and received a call from a Legacy representative. They scheduled an appointment, and the representative traveled to their home to provide a detailed presentation on a vast array of planning considerations.

“It was an education for me,” David says. “I wasn’t aware of all the ins and outs. We had wills done years and years ago, back when our kids were small. I knew enough then that I didn’t want something to happen to me and my wife and then not have something spelled out for the kids. Now, my kids are grown and they have kids, and I hadn’t had the wills updated, so there were a lot of issues with that.”

Before learning of Legacy Plan, David says he was frustrated trying to figure out where to begin. It’s a problem that, studies show, confounds a majority of Americans.

“I was thinking I would have to go to this attorney and get this done, and go back and forth between the lawyers and really didn’t know where to start,” David says.

During the presentation, he quickly discovered that a Legacy Plan membership would enable their family to consult with a network attorney and other planning professionals to create a comprehensive life and estate plan.

“I had never seen it all put into one package,” David says. “So, when they came out and explained the program to me, I knew immediately it was something I was interested in. ... At the same time, we were having health issues with my wife’s mother.”

By working with their Legacy Plan network attorney, they were able to deal with an immediate need and formally establish a support team for an elderly parent. David, Carolyn and their physician daughter now work together to make health and financial decisions as her power of attorney.

“We thought now would be a good time to include power of attorney for her,” David says of his mother-in-law. “We were able to get that paperwork done, which has been a godsend for us now because I’m having to do all of her financial stuff, and she’s not able to make decisions for herself – for health or finances or really anything right now. We did that just in time, so everything has worked out.”

David and Carolyn also have made arrangements for themselves in the event of their own incapacity as they progress through their golden years.

“Everybody says it’s something they need to do, but nobody wants to address the fact that something could happen at any moment – a car wreck, any number of things,” David says. “Or illnesses, when people are perfectly healthy one day, and the next day they are bed-ridden and can’t do anything for themselves. So, you need to make decisions while you’ve got a clear mind and are thinking straight. Because you don’t need to wait until you are forced toand have to decide in a day or two.”

In meeting with their Legacy representative, David and Carolyn achieved another key goal, which was protecting their assets and ensuring they will be distributed promptly and with as few hassles and as much privacy as possible when that time comes. Most of their assets have been funded into their revocable living trust, which will ensure they avoid the delays, expense and public disclosure inherent in the probate process.

“I keep receipts and stuff for years and years. I can go back and tell you what my utility bill was 15 years ago. I’ve always been a facts and figures person,” David says. “But I hadn’t dealt with end-of-life things like trusts and wills and payable-on-death documents and matters like that. And it has really come in handy in dealing with issues involving my mother-in-law. It has been helpful and an eye-opener because of all the things that have happened in the last six months to a year.”

Should others consider Legacy Plan?

David emphasized that his membership, which includes regular reviews of his plan, gives him peace of mind, and he encourages others to consider the services of Legacy Assurance Plan. He has shared his story with friends and former colleagues, and they, too, have become Legacy members with their own comprehensive plans.

“It is something that I share with friends of mine who might want to look at it,” he says. “And it has really made me feel good that I don’t have any unfinished business. Everything is spelled out about what’s to be done.”

David says he and Carolyn considered all their options before making a final decision on how to proceed. But once they decided on a Legacy membership, they felt a sense of relief.

“The presentation was long, because I had a lot of questions,” David says. “But all the questions were answered to my satisfaction. I don’t make quick decisions. Normally, I get information and think about it for a while. It really wasn’t a quick decision because I had been thinking about it for a while, but I just hadn’t seen a program that put everything together for me. When I saw something that could have it all at one time, it was like I didn’t know what I was looking for, but I found it.”

David also says he appreciates the customer service provided by the Legacy team. “I have had a time or two when I’ve had to call and ask follow-up questions, and they have been very helpful and responsive to me, and I’ve just been 100 percent satisfied.”

In the meantime, the educational process continues.

“There was a lot I didn’t know, so it was enlightening to find out about estate planning, and I’m still learning things,” he says. “And I’m not a person who likes to make decisions without thinking something through.”

Do you have an estate plan?

There are numerous options and scenarios to consider when developing an estate plan that protects your legacy and achieves your objectives, and important decisions should be made with the advice of qualified lawyers and financial experts. Membership with Legacy Assurance Plan provides members with valuable resources and guidance to develop comprehensive estate plans that take life’s contingencies into consideration and leave a positive impact for generations to come. Legacy Assurance Plan members also receive peace of mind that a team of trusted, experienced professionals will assist them in developing legal, financial and tax strategies that will meet their needs today and for years to come through periodic reviews.

Wednesday, December 5, 2018

Staying on the job has valuable payoffs beyond paychecks for retirement-age folks

Staying on the job has valuable payoffs beyond paychecks for retirement-age folks

by Tom Alberts Dec 5, 2018

Summary: For a growing number of Americans, reaching retirement age isn’t the milestone it used to be and has become less of a reason to quit working, according to studies of employment trends. Researchers have found that those who continue to work during their retirement years live longer, have less stress over finances and find satisfaction in staying socially active and productive.

Sure, retirement can usher in endless golf outings, shopping excursions, day trips, card games, good books, long walks, lazy lunches, knitting sessions and whatever else it takes to while away the time. It’s a fanciful way you may envision spending those golden years.

But a life of total leisure – and too much cable surfing and idle time – can get old, especially for active, productive people who think of age as a number, not a formal requirement to take it easy. Those entering their so-called golden years may find that retirement can be tiring, and a job is a rewarding remedy for boredom.

Cultural anthropologist Caitrin Lynch spent years on the shop floor with employees of Vita Needle in Needham, Massachusetts, as part of the research for her book about what work means for people who are of conventional retirement age.

At the time of her research for “Retirement on the Line,” Vita Needle was a Boston-area manufacturer that employed 40 production employees with a median age of 74. In 2013, PBS reported on Lynch’s research into motivations of older workers and interviewed some of the company’s employees.

Among them was Bill Ferson, 90 years old at the time, who had been with Vita Needle for more than two decades since retiring from a job he’d held for 39 years.

“I’ve got a place to come and people to talk to. I’m not alone. I’m keeping my upstairs going,” Ferson tells the PBS interviewer, pointing to his forehead. “If it wasn’t for this job, I might be six feet under. Now, a lot of people younger than me are in tough shape. I know. I’ve seen them. I don’t want to be like that.”

In describing her findings, Lynch explains the beneficial common denominator that impacted all of the company’s older workers.

“Regardless of the financial need, everybody really talks about the other thing they get from work, which is this sense of connection and the sense that they feel like they matter,” says Lynch, an Olin College professor. “It’s through the process of working, through knowing you are doing something productive that’s contributing to a very successful business that people feel like there’s still a reason for me to be here – be here in the world. In American society, unfortunately, people feel invisible as they get older.”

Company president Fred Hartman says good business sense, not mere acts of kindness, is why Vita Needle prizes its stable of retirement-age employees.

“We get it back in spades as far as the company is concerned with the loyalty and the effort that’s put forward,” Hartman tells PBS. He said they are reliable and on time and have low turnover, a positive attitude and a strong attention to detail.

Employee Howard Ring agrees with Hartman’s praise for his retirement-age peers.

“Look, the Supreme Court has got people over 80 on it,” Ring says. “We don’t think much about that, so why can’t we do this with other people?”

Lynch says she discovered that older workers “seek from work a paycheck but also a sense of belonging and friendship, as well as the experience of productivity, purpose and usefulness.”

At age 94, Grace King boasts to Lynch of the “busy ethic” that keeps her from “going crazy” in retirement. “Nothing to do all day long, and it drove me crazy. I wanted to be busy.”

Indeed, surveys show that many older Americans keep working past their retirement age because they want to. The message they are sending, which is supported by the data, is that working is good medicine that not only yields financial rewards but also improves physical and emotional health.

In a 2015 study conducted for the federal Centers for Disease Control and Prevention, University of Miami researchers analyzed 15 years of survey data provided by 83,000 Americans age 65 and older.

“A strong association exists between employment and health status in older adults beyond what can be explained by socioeconomic factors,” says the study’s conclusion.

The study also found that “being unemployed/retired was associated with the greatest risk of poor health across all health status measures, even after controlling for smoking status, obesity and other predictors of health.”

In 2016, a Oregon State University study sponsored by the National Institute on Aging reported similar results. According to sciencedaily.com, the study concludes that “working past 65 could lead to longer life, while retiring early may be a risk factor for dying earlier.” Researchers examined data collected over an 18-year period.

“The researchers found that healthy adults who retired one year past age 65 had an 11 percent lower risk of death from all causes, even when taking into account demographic, lifestyle and health issues,” sciencedaily.com reports. “Adults who described themselves as unhealthy were also likely to live longer if they kept working, the findings showed, which indicates that factors beyond health may affect post-retirement mortality.”

More recently, in 2017, researchers with RAND Corp. trumpeted the benefits of older Americans returning to the workplace, reporting that “unretirement is working.” Researchers learned that among workers over age 65, 40 percent of them had previously retired and later re-entered the workplace. RAND’s American Working Condition Survey also found that “retirement isn’t necessarily permanent,” according to economist and report co-author Kathleen Mullen.

All three studies offer the same bottom-line message. Working is good for your health. Retirement, not so much.

Besides, having older people in the workforce is a demographic trend that will continue, according to the federal Bureau of Labor Statistics. BLS projections show that 20% of workers in 2018 were 55 and older. The number will increase to 25% by 2024.

Why continue to work?

RAND also found that when retirement-age people are engaged in “meaningful work,” they have a tendency to continue working. Indeed, many older workers boast how the phenomenon of “unretirement” boosts one’s energy and keeps the mind sharp.

The study cites the example of an 82-year-old man who worked a decade beyond his pension-eligibility date. Once he finally retired as a police officer, the man transferred his skills into a role as a part-time instructor at a community college. He was asked if he’d ever stop working. His reply: “I hate to say it, but you sound like my wife. In spite of some health issues, I’d like to work as long as I’m viewed to be an asset. Any time I become a burden or liability to somebody, then it’s time to hang it up. Right now, I’m having fun.”

The BLS found that the average life expectancy for those who reach the age 65 is 84.3 – nearly another 20 years. Some older Americans may be concerned that their retirement savings and Social Security income won’t be adequate to provide for another two decades. Longevity puts a strain on nest eggs and motivates people to keep earning money. Post-retirement employment income can be the difference between comfortable golden years and a struggle to not run out of money.

“We definitely see evidence that retirement is fluid,” Mullen, the RAND economist, told The New York Times. “There’s less of the traditional schedule: work to a certain age, retire, see the world. We see people lengthening their careers.”

Harvard Medical School economist Nicole Maestas told the Times that while financial concerns are a motivation to keep earning a paycheck, a larger impetus may be to just keep busy.

“It looks like something people are doing intentionally, instead of an oh-my-god response: ‘I’m running out of money; I have to go back to work,” Maestas says. “It’s much more about a choice. ... You hear certain themes: A sense of purpose. Using your brain. And another key component is social engagement.”

In other cases, people may retire because they are ready to give up the daily grind that they’ve endured for decades. Maestas says those folks leave the workforce due to “burnout” and take a break and return to work in less demanding and more fulfilling roles.

Granted, lots of leisure time is an immediate benefit of retirement, which “relieves workers who feel constrained in their place of work, whether due to stressful job conditions or to work-impeding health problems,” says a 2013 study by the National Bureau of Economic Research. “For such individuals, early retirement should manifest itself in an improvement of well-being and, potentially, also health. On the other hand, early retirement might also be harmful, because individuals who stop working may lose a purpose in life. This might, in turn, decrease subjective well-being and mental health. Early retirement may after all not be the bliss that many individuals hope for.”

While work may be good for the health and wellness of older employess, there are some big economic advantages for people to keep working, especially those without abundant retirement savings.

For example, one key reason to stay on a payroll is to delay receiving Social Security income and therefore increase your expected monthly and lifetime payout, according to a 2017 report by CBS MoneyWatch. Another bonus is the opportunity to utilize employer-sponsored health insurance, participate in workplace wellness programs and engage in social interactions that improve health and well-being, the report says.

For those folks with ample savings, a paycheck not only keeps them active and engaged, it also eases the burden on retirement nest eggs and helps preserve a financial legacy that can be passed on to beneficiaries.

What are your retirement plans?

Retirement requires planning. A comprehensive estate plan includes both legal documents and a financial plan that together provide the retirement lifestyle you deserve. And that lifestyle may be very different from what you imagined during your working years. A retirement of leisure time, long walks and golf may not be in your best interests from either a health or financial viewpoint. Part of that lifestyle may include continuing to work, maybe part-time or in a different area from before you retired. Working after “retirement” will stretch your retirement savings further, allowing you to take Social Security later and positively impacting your health. Legacy Assurance Plan can be your trusted partner in reaching these retirement goals.