• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • Our Firm
    • Communities We Serve
      • Elizabethtown
      • Frankfort
      • Jeffersontown
      • Matthews
      • Middletown
      • Prospect
    • Meet Our Team
  • Services
    • Asset & Business Planning
    • Elder Law & Medicaid Planning
    • Estate and Gift Tax Figures
    • Family-Owned Businesses & Farms
    • Financial Planning Assistance
    • IRA & Retirement Planning
    • Legacy Planning Services
    • LGBTQ Estate Planning
    • Loss of a Loved One
    • Power of Attorney
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
    • Young Families
  • Resources
    • Client Resources
      • Business Succession Planning Checklist
      • Estate Planning Seminars
      • Estate Planning Worksheet
      • Is Your Estate Plan Outdated?
      • Kentucky Retirement Resources
      • Louisville Elder Law Resources
      • Louisville Probate Resources
      • Presentations
    • Elder Law Reports
    • Finding the Right Estate Planning Firm
    • Frequently Asked Questions
      • Estate Planning Frequently Asked Questions
      • LGBTQ Frequently Asked Questions
    • Newsletters
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Estate Planning For Niches
      • Trust Administration
  • Blog
  • Contact Us

Gersh Law Offices, P.S.C. | Louisville, KY

Estate Planning | Medicaid | VA

Connect with us today(502) 423-7023

Attend a Free Seminar
Home / Kentucky Retirement Resources

Kentucky Retirement Resources

The thought of retirement planning may be stressful, especially when it comes to making sure you have sufficient savings or income to have a comfortable retirement. Most clients are considered about when they should start saving and which method is the best for doing so. These are all reasonable concerns, but they should not be discouraging. With the help of your estate planning attorney, you can reach all of your retirement goals. Here are some resources that may help you to find much of the information that you need to achieve your retirement goals.

Kentucky Retirement Systems: Provides valuable resources for members, who are employed as a regular, full-time employee of a participating Kentucky government agency.

Kentucky Teacher’s Retirement System: The Teachers’ Retirement System is a benefit “group retirement” plan that pays a defined amount upon retirement based on length of service and final average salary of the employee.

Retirement Timetable: Helpful for overall long-term planning.

Retirement Calculators

Having reasonable goals for retirement is crucial. The truth is, most people don’t know exactly how much money they will need to retire comfortably, or even how to go about estimating that amount. It’s hard to determine what it will take to support your current lifestyle 20 or 30 years from now. For that reason, clients often either believe they need more money than they actually do, or they underestimate their future financial needs. Either way, if your plan is flawed your goals will either be inadequate or impossible to accomplish. Here are a few retirement calculator tools that may be helpful.

Financial Industry Regulatory Authority: This calculator can help you estimate how much to save each year to accumulate enough money for your projected retirement.

Retirement Estimator: This calculator gives estimates based on your actual Social Security earnings record.

401(k) and IRA Required Minimum Distribution Calculator: This calculator can help you determine your Required Minimum Distribution (RMD) from a traditional 401(k) or IRA.

401(k) ‘Save the Max’ Calculator: This calculator can show you whether you are on track to save the most with your 401(k) by maximizing your contributions each pay period in order to reach the allowed IRS limits.

Consider future increases in health care costs

A very important consideration that must be made in retirement planning is having sufficient resources to cover the cost of health care during retirement. Even if you are healthy now, it is likely that, as you age, your need for health care will increase to some degree. It would be a mistake in retirement planning to overlook the increased need for health care in the future. If you do not account for this in your plan, you could still have issues with financial security during retirement. Here are two calculators that may help you make your estimates:

HealthView Advisor One-Click Health Estimator

Health Care Costs Calculator

Health Savings Account: Establishing a Health Savings Account may be a great option to explore. A Health Savings Account allows you to make tax-deductible contributions each year to pay for current and future health care costs.

General Retirement Resources

401k Help Center

Types of Retirement Plans

The IRS provides various tools for detecting and correcting errors in your retirement plans:

Fix-It Guides: Advice on how to correct errors in 401(k), 403(b), SEP, SIMPLE IRA and SARSEP plans.

Check-Ups: Advice for retirement plan sponsors in understanding the requirements of 401(k), 403(b), SIMPLE IRA, SEP and related retirement plans.

Fixing Common Plan Mistakes: How to spot and correct common problems in your retirement plan.

What you need to know about Social Security Benefits

Most of us are concerned about the certainty or stability of the government’s Social Security system. First, you need to understand a little about how the system works. All while you are employed, you are making contributions to Social Security through the FICA taxes that are automatically withheld from your pay check. FICA stands for Federal Insurance Contributions Act. These contributions go towards paying Social Security benefits for other workers when it is their time to retire. Once it is your time to retire, you will receive benefits from the system, as well, based on your level of contributions.

Social Security Statement: Set up an account so you can see estimates of your future retirement, disability, and survivors benefits and also see the estimated Social Security and Medicare taxes you have paid.

If you have questions regarding retirement planning matters, contact Cochrangersh Law Offices, P.S.C. for a consultation either online or by calling us at (502) 423-7023.

Primary Sidebar

FREE ESTATE PLANNING WORKSHEET

Download our free "Protecting the Future" worksheet to get started!

"*" indicates required fields

This field is for validation purposes and should be left unchanged.

Follow Us

  • Facebook
  • Twitter
  • Linkedin

Testimonials

5 star
Client Review
September 18, 2020
    

I have been a client of Cochran Gersh Law Offices since 2005. I can’t say enough good things about them. Absolutely first rate! Thanks to the team, my estate and trusts are set up and my family won’t have to deal with an unorganized mess when I am gone.

default image
– JIM

Where We Are

Cochran Gersh Law Office
916 Lilly Creek Road, Suite 102
Louisville, KY 40243
Phone: (502) 423-7023
Fax: (502) 423-1108

See Larger Map Get Directions

Office Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 12:00 PM

Map

map for Cochrangersh Law Offices, P.S.C. office

Footer

  • Privacy Policy
  • Sitemap
  • Contact Us

Connect with Us

  • Facebook
  • Twitter
  • Linkedin
footer-logo

Cochran Gersh Law Office
All Right Reseved.

Attorney Advertisement

© 2023 American Academy of Estate Planning Attorneys, Inc.