Many people work their whole lives and still struggle to have a financially secure retirement. While it can be hard to set aside money for the future, you owe it to yourself to create a comprehensive retirement plan so you don’t have money worries during your golden years. Whether you are young or old, rich or poor, you should have a retirement plan in place. The Law Offices of Kobrick & Moccia can help.
Your retirement plan should involve much more than just putting aside some money each month. You need to take advantage of tax breaks to help you save and you need to find informed ways to protect the nest egg you are building. Using the right legal tools and getting professional advice is key, so contact a Long Island retirement planning lawyer today at 800-295-1917 to start on the creation of your plan. At The Law Offices of Kobrick & Moccia, we will offer personalized advice and answer any questions you might have including:
- What do I need to know to make a retirement plan?
- How can IRAs help me save?
- How can a Garden City retirement planning lawyer help?
What Do You Need to Know to Make a Retirement Plan?
When you create a retirement plan, you need to know how much to invest, what types of accounts to invest in, what the rules are for those particular accounts, and how to make sure your assets are protected. An experienced attorney can provide you with assistance addressing all of the different aspects of your plan.
The amount that you will need to set aside for retirement is going to be based on many different factors, including your age at the time when you begin saving as well as your income level and whether you will have a pension or other benefits coming in.
It is always best to save more, rather than less, and it is always best to make sure you take advantage of some of the important tax breaks that can help you to save. An attorney can advise you on the types of tax-deferred accounts that not only subsidize your savings but that can also help to protect your retirement assets.
How Can an IRA Help You Save?
For many people saving for retirement, Individual Retirement Accounts (IRAs) are going to be the best or even the only option. If you have a 401(K) or other plan at work, you can participate in it- and also invest in an IRA. If you have no workplace retirement plan, you can open an IRA on your own with a brokerage firm of your choosing.
When you open an IRA, you can benefit from being able to put aside money pre-tax or from allowing invested money to grow tax free. Most people will opt to either open a traditional IRA that they can invest in with pre-tax money, or a Roth-IRA that allows growth and withdrawals without paying taxes.
If you are self-employed, earn non-wage income, and/or own your own business, then you may instead choose a Self Employed (SEP) IRA or a Simple IRA. These can provide advantages such as allowing you to invest a larger percentage of your income each year than a traditional or Roth IRA would provide.
An IRA has annual contribution limits, so you should strongly consider beginning to invest in an IRA as early as possible. If you don’t put money into an IRA over the course of a year, you never get back that opportunity to invest that pre-tax money. An attorney can help you to open an IRA, to decide which type of IRA to use, and to understand the rules for making investments in your IRA. IRAs also have rules for required withdrawals as you get older. A Long Island retirement planning lawyer will help seniors to understand and comply with requirements for withdrawing money from IRAs.
How can a Garden City Retirement Planning Lawyer Help?
At The Law Offices of Kobrick & Moccia, our legal team has helped many people to begin investing when they are young for retirement or to catch up during middle age to build a nest egg. We also help seniors to make their retirement funds last, to protect their assets, and to make informed investment choices. To learn more, give us a call today at 800-295-1917 to speak with a retirement planning lawyer. We serve clients in Garden City, Hauppauge, Harrison, and surrounding areas of Long Island and have a long track record of success so call now to begin securing your retirement future.