Your golden years should provide you with the opportunity to travel, indulge in hobbies, spend time with your grandkids, and do the things you love. This should, and can be, a time that is free of financial worries- if you begin planning ahead when you are young.
The Law Offices of Cheryl David provides assistance to clients with IRA and retirement planning. Whether you are just getting started on your career, are middle-aged and beginning to worry about the future or are at the end of your working life, our experienced Greensboro retirement planning lawyers are here and ready to help you protect your assets and make the most of your money.
What is IRA and Retirement Planning
You should have a comprehensive plan in place to secure your retirement, and the earlier you begin this plan, the better off you will be. Using a plan like an IRA (or another tax-advantaged retirement plan) allows you to get the government’s help in saving for your future because of the tax benefits you enjoy. Putting your money into one of these special plans can also put it beyond the reach of creditors, even in the event of a bankruptcy.
IRA and retirement planning lets you maximize the benefits of tax-deferred retirement savings while also creating a firm financial foundation for you to rest on during your golden years. When you get help from a retirement planning lawyer, your attorney can assist you to:
- Identify your goals for retirement.
- Review your current situation to determine if you are on track.
- Explore different types of retirement accounts, including a traditional IRA, Roth-IRA, simple IRA or SEP Ira.
- Determine what accounts to open to protect your assets and maximize tax benefits.
There are complex rules for retirement accounts in which you receive tax benefits. For example, income limits on Roth-IRAs can prevent you from putting away funds in this type of account if your annual income is too high. However, you may be able to invest in other tax-advantaged accounts and roll your money over. Business owners and those who are self-employed can also put away much more in pre-tax funds through the use of a SEP or a simple IRA.
Let your retirement planning lawyer explain the rules, decide what accounts are best for you, and help you to create a comprehensive plan.
Call a Retirement Planning Lawyer Today
Retirement planning is not just about choosing the right IRA to park your money in. You need to make informed choices about how to structure ownership of business and personal assets to minimize the risks of creditor collection efforts or bankruptcy. You need to think about how long-term care will be covered if you need to go into a nursing home, and you need a plan to make sure your retirement assets will last until your death and ideally leave a legacy behind.
The Law Offices of Cheryl David can provide you with help on every aspect of retirement planning. Give our experienced attorneys a call today to learn more.