Income and Estate Planning for New York’s Senior Citizens

by David Goldfarb

Retirement can pose many different types of financial planning challenges. Today, as inflation dramatically increases the cost of healthcare, housing, and even groceries, many New Yorkers are finding that their retirement savings insufficient to meet their living expenses. A New York elder law and estate attorney, however, can help retirees develop comprehensive plans that effectively meet their needs. Through combinations of health insurance coverage, Social Security, private retirement funds, strategic investments, and even more creative sources of income, New Yorkers can prepare for all the challenges that retirement has to offer.

Unexpected Sources of Income

Many older New Yorkers find creative ways to spend their time and earn extra money during their retirement. National Public Radio reports on one such enterprise at a gallery in Chelsea. The Carter Burden Gallery shows only work by artists ages sixty or older. This not-for-profit organization is supported by a corporate sponsor and private philanthropists, which allows it to choose the art it shows based upon aesthetic considerations, and not the ability to sell it for a premium. The program also caters to older artists who sometimes experience less commercial demand over time, but whose artistic abilities have nonetheless improved with years of experience. The program model allows older artists to both engage in a hobby they are passionate about and supplement their income with art sales.

Comprehensive Financial Planning Strategies

Retired New Yorkers from all industries can find creative methods of supplementing retirement income when necessary. Many older workers have desperately needed experience in their fields. With consulting or training projects, retirees can supplement their income with flexible work schedules that meet their retirement needs. Other retirees prefer to spend their time engaging in hobbies they neglected during their working years. These, too, can supplement income when retirement funds simply are not enough.

An elder law and estate planning attorney can help New Yorkers review their financial plans for retirement with their financial advisors to explore all possible solutions. For some, better investments of their principal assets can yield higher interest and supplement income accordingly. Others may find that they do not receive the full amount of Medicare, Medicaid, or Social Security benefits to which they are entitled. These, too, can affect a person’s financial planning for retirement. An elder law and estate planning attorney can help New Yorkers explore these and other possibilities tailored to a person’s short- and long-term needs and goals.

A New York Estate Attorney Can Help Seniors Execute Effective Long-Term Financial Plans

For many seniors, financial planning is a complicated task with many obstacles. A New York estate attorney can help you improve your deductions and reduce overall tax liability for yourself and your loved ones, while also exploring new, alternate, and creative sources of income. The attorneys at Goldfarb Abrandt Salzman & Kutzin have decades of experience helping New Yorkers develop estate planning strategies that best meet their financial goals. Call (212) 387-8400 today to schedule your consultation.