Financial insecurity during retirement can cause substantial stress and can even shorten your life. No one deserves to retire and spend their golden years worried about how little money they have in the bank. This does not have to be your fate, even if you are not fabulously wealthy and even if you do not have a six-figure job. Everyone can save for retirement and can take advantage of tools to do so. Thompson Law, Prof. L.L.C. can help.
Our Sioux Falls retirement planning lawyers help people at the bottom, middle, and top of the income ladder. Whether your concern is how to start investing; how to protect a growing nest egg; how to catch up on contributions or how to make your money last during retirement, our legal team can help.
Give us a call to find out more about the ways in which an experienced attorney can assist with the retirement planning process and to get answers to questions you have about retirement planning including:
- When should I make a retirement plan?
- How do IRAs fit into a retirement plan?
- How can a Sioux Falls retirement planning lawyer help?
When Should I Make a Retirement Plan?
If you are serious about achieving financial security and not facing money worries as you get older, you should try to make a retirement plan as soon as you begin working. Starting young is beneficial for two primary reasons.
- First, you can take full advantage of the opportunity to make annual contributions to accounts which have contribution limits. Each year that you miss of investing in a tax-advantaged account is a year that you won’t get that tax break back.
- Second, if you invest when you’re young, you can put aside less overall each month and end up with much more money as compound interest allows your wealth to work for you.
If you have not started young, you must make plans as you get older because you need to catch up on contributions to achieve financial security. As you reach middle age or start to think seriously about retirement, you may face panic as you realize you haven’t saved enough. Thompson Law, Prof. L.L.C. helps you in these situations to create a plan that works to achieve the future you want.
As a senior, your planning also does not end. You have to manage your money carefully so you can make your nest egg last. This means you need to know how much you can take out without reducing your balance too quickly, and you need to know how much you’re required to take out from accounts that have rules for mandatory withdrawals. You also need to understand tax issues associated with taking money out of retirement accounts. You should work with an experienced attorney who can help you to develop an appropriate financial strategy.
How Do IRAs Fit Into a Retirement Plan?
Thompson Law, Prof. L.L.C. helps you to make a comprehensive retirement plan that is aimed at giving you financial security as a senior. One of the ways you can do this is to invest in Individual Retirement Arrangements, or IRAs. IRAs give you tax breaks for investing in your own retirement, which means that the government subsidizes your savings.
There are different kinds of IRAs and Thompson Law, Prof. L.L.C. will assist you in determining which you are eligible to make contributions to, as well as what amount you are allowed to contribute to IRAs each year.
Not only do you get the tax benefits associated with these contributions, but IRAs are also given special legal protections, including protections if you ever have to file for bankruptcy. Investing in IRAs thus helps you to build savings by taking advantage of government help, as well as allows you to protect the wealth that you are building.
How can a Sioux Falls Retirement Planning Lawyer Help?
Thompson Law, Prof. L.L.C. provides comprehensive assistance with the creation and execution of a retirement plan that is appropriate based on your age and income level. Our Sioux Falls retirement planning lawyers have helped many clients to achieve financial security and to protect a nest egg. You don’t have to be wealthy to earn and deserve a secure retirement… you just need to make the right choices about what to do with your money. We can help.
To find out more about the retirement planning assistance we can offer and to get your plan started, Give us a call at 605-362-9100 or contact us online today.