Elder law lawyers at Frank & Kraft provide many different types of services as you plan for what your future will hold. One of the most important types of services that our firm provides is help with retirement planning. Making a retirement plan is something that you should do as early as possible in your lifetime because you need to start saving when you are young to have enough money to retire. You want to ensure that you have a goal in mind for your chosen retirement age and you want to base your plan for saving for the future towards having enough money to retire at your designated time.
There are a lot of key considerations to think about when you decide on your chosen retirement age, and Frank & Kraft can help. We can provide you with assistance in setting your retirement goals, understanding your sources of income in retirement, and making smart plans to invest in accounts that provide you with tax advantages so it is easier for you to save for retirement. To find out more about how our firm can help you set a chosen retirement age and make a plan to retire at the time you prefer, give us a call today.
What Age Should You Plan on Retirement?
When you decide on the age at which you will retire, there are a number of key considerations that you need to think about. Here are a few key considerations that you should think about when you try to pick your perfect retirement age.
- You need to know your full retirement age for Social Security: When you retire and begin claiming Social Security benefits, the Social Security Administration will pay your standard benefit (as determined by the SSA’s designated formula) only if you retire at full retirement age. Your full retirement age depends upon your birth year. If you were born after 1960, your full retirement age is 67. If you were born before that time, your full retirement age is early. If you retire before full retirement age, your benefits are reduced. If you retire after full retirement age, your benefits keep going up until age 70. This means waiting gives you a larger monthly benefit for the rest of your life; however, you miss out on years of getting benefits. You need to understand what your benefits will be at different ages so you can make sure you make an informed choice about when to claim benefits.
- You need to understand the Social Security benefits formula: The Social Security Administration has a formula used to determine how much you will receive. One of the key factors in the formula is your average wages, adjusted for wage growth. The SSA will look at your average wages over your 35 working years when you had the highest earnings. If you have not worked at least 35 years, you’ll have some years of $0s averaged in which can dramatically lower your benefit. You need to take this into account if you’re thinking of retiring after less than 35 years of work.
- You need to create a plan for healthcare. If you are going to retire before you are 65 and become eligible for Medicare, you need to make sure you understand where and how you will get insurance and make sure you can pay for it.
There may also be other considerations specific to your situation. Because everyone’s finances and personal goals are unique to them, getting personalized help from an experienced elder law lawyer is your best option so you can make sure that you are on track for retirement.
Getting Help from Elder Law Lawyers
Elder law lawyers at Frank & Kraft will work closely with you to understand your options for investing in a retirement account that will help you to achieve your goals for when you want to retire. We can explain different types of Individual Retirement Arrangements (IRAs), help you to understand if you are eligible to invest in them, and assist you in selecting what account is right for you.
To find out more about how our elder law lawyers can help you to achieve your dreams for a secure retirement, join us for a free seminar. You can also give us a call at 317-684-1100 or contact us online to get personalized help creating your retirement plan so you can get started investing today. The sooner you begin working towards your retirement goals, the more likely you are to achieve them, so don’t wait to get help.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.