The majority of Americans do not have enough money saved for retirement and will not receive defined benefit pension plans from their employer. Relying on Social Security benefits alone can result in a low standard of living which, unfortunately, can leave you struggling financially during your golden years.
This does not have to happen to you. You can create a comprehensive retirement plan when you are young so you can retire early, travel, spend time with the grand kids, and enjoy your life as a senior. The sooner you begin retirement planning, the easier it will be for you to achieve financial security and to accomplish your retirement goals. Cochrangersh Law Offices, P.S.C. can help. We provide assistance with retirement issues to people of all ages, from seniors who need help making their money last to young people who want to know how they can save. Give us a call for personalized advice and to find out about important issues including:
- When should I start retirement planning?
- What is an IRA & retirement plan?
- How can a Louisville IRA and retirement planning lawyer help me?
When Should I Start Retirement Planning?
You should start retirement planning as soon as possible. There are two primary reasons to begin early. The first is that IRAs and other tax-advantaged retirement plans usually limit the amount of money you are able to contribute annually. If you miss a year, you forever lose the chance to put that year’s contribution away with pre-tax dollars. The second reason to begin early is so you can benefit from compound interest, which will make it easier to achieve your goals.
While starting young is best, it is never too late to begin. In fact, people who are older and who have not put aside money for retirement can benefit even more from getting appropriate advice from a Louisville retirement planning lawyer on how much to put aside so that it is possible to catch up your contributions and still retire comfortably at a reasonable age.
What is an IRA & Retirement Plan?
The retirement plan you create needs to be personalized to your income, your family situation, your age, and the retirement options available to you at work. Fewer and fewer people are provided with a defined benefit pension plan, but your employer may still offer a 401(K) or similar style account that you can contribute to. When you have access to such an account, employers often match contributions up to a certain amount. You should be sure you are contributing at least that amount so you do not leave free money on the table.
Individual retirement accounts (IRAs) provide options for the self-employed, for people without access to a 401(K) at work, and for people who want to supplement their employer-provided retirement account. There are different kinds of IRAs including a simple IRA, a SEP-IRA, a traditional IRA, and a Roth IRA. Simple and SEP-IRAs are available only to people with non-wage income. Both Roth and traditional IRAs are available to most investors, although there are income limits and annual contribution limits.
A Louisville IRA & retirement planning lawyer at Cochrangersh Law Offices, P.S.C. can provide assistance understanding rules for IRA accounts and can help you to determine how to maximize your investment in these accounts. IRAs provide substantial tax benefits, with Roth-IRAs allowing money to grow tax free and traditional IRAs allowing you to invest with pre-tax funds.
Cochrangersh Law Offices, P.S.C. will do much more than just offer advice on IRAs. Our goal is to help you to create the type of comprehensive plan for achieving retirement goals that you need to ensure you have financial security as you get older. Some of the steps we can help you to take include:
- Setting savings goals based on your age, income level and retirement plans.
- Exploring options to use tax-advantaged accounts to maximize the value of your investment dollars.
- Evaluating investment options to understand risks and benefits.
- Understanding rules for required withdrawals from retirement accounts as you age.
- Budgeting to make retirement funds last once you have retired.
People of all ages throughout Kentucky trust us because of the scope and breadth of our experience and because of the comprehensive nature of the services we provide in retirement & IRA planning.
How Can a Louisville IRA and Retirement Planning Lawyer Help Me?
You want to make sure that when you retire you are financially secure. The attorneys at Cochrangersh Law Offices, P.S.C. can help you create a plan that puts you on the right track. IRAs and other qualified plans create unique planning challenges in that these assets are usually subject to income tax when received by the beneficiary. We know how to minimize the tax impact and best protect your investment. In fact, we have many in-depth strategies that can help you reach your future financial objectives.
All of our law firm clients can receive a free financial review and analysis from our sister financial advising firm, Gersh Wealth Strategies, LLC.**
Securities offered through Ameriprise Financial Services, Inc. Wes Gersh is licensed to offer securities in the following states: CT, FL, IL, IN, IA, KY, MA, MI, MS, NE, NJ, OH, SC, and VA. This is not an offer to sell securities in any other state or jurisdiction.