How Retirement Planning Can Impact Your Estate Planning StrategyEmployment-based retirement plans are still an important part of many Indiana residents’ portfolio, but many people in the state are still only somewhat aware of how those plans can impact their end-of-life planning efforts. According to recent estimates, about 63% of all workers in Indiana have some type of access to retirement plans offered or sponsored by the companies that employ them. About 57% of those employees actually … [Read more...] about How Retirement Planning Can Impact Your Estate Planning Strategy
If you or an elderly loved one have been assuming you could escape the high costs associated with nursing home care by relying on in-home care, the latest Genworth Financial study on long-term care costs suggests that you’re at least partially correct. Much has been said and written in recent years about the continual rise in nursing home costs across the country – a trend that has seen the cost of a private long-term care room in the Indianapolis area soar to more than $88,000. According to the … [Read more...] about Study Suggests Indianapolis In-Home Care Costs Are Rising
You probably have a retirement dream. After you have put your working years behind you, there is a lot of living left to do. Are you on track to live the retirement dream? Have you given retirement planning any thought? If you are not working within a cogent plan that leads to a comfortable future, action is required. Our firm can help you put a solid plan in place that culminates in the fruition of your long-term financial goals. Retirement planning is a very important piece of the … [Read more...] about Retirement Planning: Will You Be Ready?
When you are looking ahead toward your senior years, you may contribute into an individual retirement account. An IRA can definitely help you accumulate a nest egg that you can draw from during retirement. However, an individual retirement account can also be part of your estate plan under certain circumstances. There is a concept called the stretch IRA that can be of value when you are planning your estate. Before we look at the stretch IRA, we will provide some general information about … [Read more...] about What Is a Stretch IRA?
It can be easy to go through life with the assumption that government benefit programs for senior citizens will provide you with a suitable retirement when you attain senior citizen status. In reality, the cold hard facts tell a different story, and you should understand them thoroughly if you want to be able to enjoy your golden years with comfort, opportunity and security. Social Security Limitations When it comes income, you may be under the impression that your Social Security benefit … [Read more...] about There Will Be No Social Security COLA for 2016
People sometimes hear incomplete information about government programs for senior citizens. As a result, they make certain assumptions, and they can harbor these misconceptions for extended periods of time. The ultimate outcome can be less than ideal, because plans may have been made based on sketchy information. This enters the picture when it comes to Social Security eligibility. You may have heard that you can start to draw a Social Security direct deposit when you are 62 years of age. … [Read more...] about Can I Collect Social Security When I'm 62?
If you ask any middle-aged person, he or she will invariably tell you that time passes incredibly quickly. It can be surprising to come to the realization that your 50th birthday is waiting just over the horizon, because you still consider yourself to be young. In a relative sense, a 50-year-old person is still young, but it is kind of late to initiate your retirement planning efforts. For most people, it takes a long-term, sustained effort to accumulate the resources that will be necessary … [Read more...] about Retirement Planning: See the Entire Picture
As estate planning attorneys, we also help people who are looking ahead toward their senior years, because the entire process is interconnected. Since we provide retirement planning assistance, we will look at Social Security benefits in this blog post. Retirement Credits When you work throughout your life, you pay self-employment or payroll taxes. These taxes go toward programs that will provide you with a bit of a safety net during your retirement years. Medicare is a source of health … [Read more...] about How Can I Get a Maximum Social Security Benefit?
How Can I Leave A Tax-Free Inheritance To My Spouse from Paul Kraft The death tax carries a robust rate that can significantly erode the wealth that you are passing along to your loved ones. Learn more about Indiana tax-free inheritance in this presentation. … [Read more...] about How Can I Leave A Indiana Tax-Free Inheritance To My Spouse
Retirement planning may seem like something that is not necessary, because there is a societal plan already in place. Throughout your life, you earn retirement credits when you are paying taxes. As a result, you will qualify for Medicare at the age of 65, and you will start to receive Social Security when you reach the age of eligibility. Your confidence may be further bolstered by the fact that you have been contributing into a 401(k) plan through your place of employment. While the above … [Read more...] about Why Is Retirement Planning Essential?