For too many people, coping with current financial concerns can make it hard to think about planning for a financially secure retirement. Unfortunately, if you do not start early and take steps to save strategically, it is going to be much harder for you to save enough for financial stability in your golden years. The sooner you begin to develop and work towards a plan, the greater your chances of financial success.
A Geneseo, IL IRA and retirement planning lawyer can help you to ensure you are on track for saving and protecting yourself from a life of hardship when you are older. It is up to you to make smart choices, and Nash Bean Ford & Brown, LLP will work with you to create and implement a comprehensive retirement plan that maximizes the incentives to save. Give us a call at 800-644-5345 or contact us online today to learn about our services and to get answers to questions including:
- What is involved in retirement planning?
- How do IRAs fit into a retirement plan?
- How can a Geneseo, IL retirement planning lawyer help?
What is Involved in Retirement Planning?
Retirement planning is a very personal process, and the steps that you are going to need to take will vary based on your age, your income, your goals for your golden years, and whether you expect to receive a pension or have an employment plan at work.
While the process of retirement planning is different for everyone and a personalized plan is essential, there are some common steps that should be taken to help you achieve a smart plan for your future. Some of the different ways that an attorney can help to plan for retirement include:
- Setting financial goals: You must determine the amount to save for your retirement. The younger you are when you begin saving, the easier it is for you to put aside smaller sums of money but still acquire substantial savings.
- Choosing appropriate account types: You should look for retirement accounts, like IRAs, which will protect your assets and give you tax breaks for investing for your future.
- Protecting retirement assets: You want to ensure the money you save is not lost in case of bankruptcy or due to creditor claims against you. You also need to take steps to make sure you won’t have to spend down all of the money in your retirement accounts if you ever get sick or get hurt and must be cared for in a nursing home.
- Understanding required rules for withdrawals: With certain types of tax-advantaged retirement accounts like 401(K) and IRA accounts, you are required to begin taking withdrawals and must withdraw a certain amount each year. It is imperative to understand the rules, as well as to understand tax penalties if you make withdrawals from retirement accounts too early.
Nash Bean Ford & Brown, LLP will assist with taking these and other important steps to achieve the financial security you deserve during your retirement.
How do IRAs Fit Into a Retirement Plan?
One of the most common ways in which people save for retirement is through the use of Individual Retirement Arrangements (IRAs). For people who are not offered retirement savings at work, and for those with retirement plans but income below permissible thresholds, investing in an IRA can come with significant tax advantages. Taking advantage of these tax breaks can make it much easier to save, since the government effectively subsidizes a portion of your savings.
There are different kinds of IRAs, with most people using either traditional or Roth-IRAs. These accounts respectively allow for investing with pre-tax funds, or for non-taxable growth. There are also options including SEP and Simple IRAs for business owners and the self-employed who may be able to put aside larger sums of money into tax-advantaged retirement accounts. Because of all the tax breaks associated with the use of IRAs, putting the maximum into this type of account each year is usually a smart money move.
How can a Geneseo, IL Retirement Planning Lawyer Help?
A Geneseo, IL retirement planning lawyer at Nash Bean Ford & Brown, LLP will provide you with the advice and help you need to accomplish your goals. When you meet with our legal team, we’ll discuss your goals for retirement and the concrete steps you can take to achieve those goals and protect your nest egg. Give us a call at 800-644-5345 or contact us online today to learn more.