The average American is dangerously behind on saving for retirement. If you do not have three times your salary saved by the time you are in your 40’s, catching up and saving enough is going to be much more difficult. You don’t want to be at risk of financial insecurity during your golden years, so you need to take appropriate action as soon as possible.
The Potter Law Firm provides IRA and retirement planning advice to people young and old. Whatever your life stage, you need to make a plan that is designed to help you enjoy your retirement without needing to work or to worry about money. Give us a call at (704) 944-3245 or (606) 324-5516 to speak with a retirement planning lawyer about the steps you should be taking and to get answers to questions including:
- Why is retirement planning so important?
- What is involved in retirement planning and using IRAs?
- How can a retirement planning and IRA lawyer help?
Why is Retirement Planning so Important?
Retirement used to be funded for most people through a combination of an employer pension, Social Security, and personal savings. Pensions were typically defined benefit plans for many workers, which meant an employee was guaranteed a set pension from retirement until his death.
These types of plans are rare today, leaving many people with insufficient retirement funds. For those who do have pensions, they usually are defined contribution plans like 401(K)s which offer no guarantee of any set income during retirement. Social Security is not enough to pick up the slack from the lack of pensions, so personal savings becomes your only way to achieve a secure retirement.
Unfortunately, saving enough and managing that money appropriately can be very difficult. It is hard to think decades ahead as you are building a career and family, or even dealing with the pressures of middle age. As a senior, you have a different set of worries as well, including how to protect your assets and make sure you don’t deplete your funds too quickly.
Making a retirement plan can allow you to alleviate these worries, to make smart financial choices, and to take the steps you need at each phase of life to achieve a secure retirement. It is never too early or too late to start working towards a comfortable retirement, so let The Potter Law Firm help you.
What is Involved in Retirement Planning and Using IRAs?
The retirement planning process usually involves setting investment goals, automating your investments, and finding ways to protect your growing retirement assets. These are the steps your retirement planning lawyer will advise you on when you are not yet ready to retire, but you are ready to begin planning. The younger you are when you begin saving, the more compound interest will help you to build a larger fortune with smaller investments, so you should try to get help as early as you can in your career.
One of the ways in which a retirement planning lawyer can assist you is in finding ways to take advantage of the many tax breaks offered to incentivize retirement savings. You can put your money into IRAs, or Individual Retirement Arrangements, and enjoy either a tax deduction for your invested funds or tax free growth.
IRAs not only help you to save because the tax benefits are a subsidy from the government, but they can also keep your retirement funds safer by providing special protections from loss in legal proceedings like bankruptcy.
While IRAs are important tools for retirement planning, there are lots of rules for the use of these accounts, and there are several different types of IRA accounts. It is best to turn to an experienced attorney for advice on both whether IRAs will work for you and on how you can make the most effective use of them.
As you get older, your focus shifts to making certain your wealth can last. This means exploring your investment options, making informed choices, and creating an asset protection plan and a Medicaid plan in case nursing home care is needed.
How can a Retirement Planning and IRA Lawyer Help?
The Potter Law Firm knows the retirement planning tools that can help you to feel financially secure. We have provided assistance to many individuals and families in North Carolina and Kentucky who want to make certain they are not worrying about their money during their golden years. Give us a call at (704) 944-3245 if you’re in North Carolina near Charlotte, (606) 324-5516 if you’re located in Ashland and (859) 372-6655 in Northern Kentucky to find out more. You can also contact us online to speak with a member of our legal team about your personalized retirement planning process.