If you want a secure retirement, it is up to you to save. Using an IRA can make it easier because the government gives you tax breaks to subsidize your savings. However, you need to understand the rules for investing in an IRA and you need to have a comprehensive and detailed plan to ensure that you are saving enough so your money doesn’t run out and leave you struggling in your old age.
The sooner you begin retirement planning, the more likely it is that you can create a secure financial future for yourself so you can enjoy your golden years. The Law Offices of Cheryl David is here to help people of all ages and people in all income brackets to create a customized plan suited to achieving their retirement dreams. Give us a call if you’re in Guilford County or surrounding areas for personalized advice and answers to important questions including:
- Why is retirement planning important and when should I start?
- What do I need to know about IRA & retirement planning in North Carolina?
- How can a Greensboro retirement planning lawyer help me?
Why is Retirement Planning Important and When Should I Start?
Today, many people have only themselves to count on when it comes to ensuring a secure retirement. Few people have defined benefits plans at work. Social Security does provide income to seniors, but the income levels are often insufficient to live on – and for those retiring a long time in the future, there is no guarantee Social Security will still be financially viable and able to pay out the full promised benefits.
When your future rests in your hands, you need to start planning as early as possible to achieve financial security. The sooner you start saving, the easier it will be to amass enough retirement savings so you don’t have to worry about running out of money and so you can live a good life in your retirement years. Many people want to travel or build a dream house when they retire and you want to ensure you have the money to achieve your goals.
What Do I Need to Know about IRA & Retirement Planning in North Carolina?
The government aims to make retirement planning easier by providing tax-advantaged retirement accounts. In addition to a 401(K) if one is available in your workplace, you may also wish to invest in various types of Individual Retirement Accounts (IRAs).
There are multiple different types of IRAs including traditional IRAs, Roth-IRAs, Simple IRAs, and Self-Employed IRAs (SEPs). Each of the different types of IRAs may be treated differently for tax purposes. For example, a Roth-IRA allows you to grow money and withdraw it tax free while other types of IRAs allow you to invest with pre-tax funds. There are also different rules for who can contribute to an IRA and for the amount you can contribute each year to your IRA. You need to understand the rules and determine which of these accounts is going to be the best choice for you so you can maximize your tax advantages and get help saving for your retirement.
In addition to selecting the right account types, you also must determine how much to save, how to allocate assets, what investments are safe and appropriate for you, and who should manage your investment money. An experienced attorney can provide advice on all of these issues as part of your efforts to create a comprehensive retirement plan.
Finally, as you enter your golden years and begin taking advantage of the money you have saved, you need to understand the rules for withdrawing money from your IRAs and other retirement accounts and you need to ensure that you make a strategic plan for how much to withdraw so you do not spend the principle too quickly and run out of money.
How can a Greensboro Retirement Planning Lawyer Help Me?
The Law Offices of Cheryl David knows the legal rules and regulations for tax-advantaged retirement planning. We can also help you to set savings and financial goals, assist you in exploring different types of retirement savings, and provide you with the comprehensive advice you need to grow and protect your nest egg. Whenever you are ready to take the first step towards ensuring your golden years will be secure, give us a call today at at (336) 547-9999 or contact us online. We’re here to help you in Greensboro, NC, Guilford County, and surrounding regions of North Carolina.