Indianapolis elder law attorneys can provide you with personalized help preparing for retirement. We can assist you in taking steps to get your plans underway early in your career so you can achieve financial security as a senior and be ready to retire when you feel ready to leave the workforce. We can also provide you with assistance when you are nearing retirement to ensure that your affairs are in order and that your nest egg will last throughout your retirement.
It is important to make sure you’ve taken steps to protect your future as you plan for retirement. Re-entering the workforce after leaving can be difficult or impossible, and you don’t want to find yourself with financial worries during your golden years. Reach out to Frank & Kraft today to find out more about how our compassionate and knowledgeable legal team can help you.
How Indianapolis Elder Law Attorneys Can Help You Prepare for Retirement
Indianapolis elder law attorneys can provide personalized help with the retirement planning process. Some of the different ways that our firm can help you to be prepared for retirement include the following:
- Making a plan to take advantage of retirement tax breaks: Throughout your career, you may be able to invest in traditional or Roth IRAs in order to get tax breaks for retirement. IRAs, or individual retirement arrangements allow you to invest with pre-tax funds if you opt for a traditional IRA or to invest with after-tax dollars for a Roth IRA. You can take advantage of these tax breaks as long as your income is not too high. We can assist you in understanding the rules for IRA investing, determining if you qualify to make investments, and determining what kind of IRA is right for your situation.
- Protecting your nest egg: Throughout your life, you could face risks that could potentially result in the loss of assets. We help you to identify those risks and create a customized asset protection plan. For example, as you are getting older, you could be at risk of losing your assets due to a need for costly nursing home care that is not covered by Medicare. You don’t want to deplete your retirement nest egg paying for a nursing home so you should work on creating a Medicaid plan with our skilled legal team.
- Ensuring you can get the healthcare you need in retirement: Affording healthcare costs is a big issue for seniors, so it is essential that you have a plan in place to get the coverage you need. Medicare is less comprehensive than many people believe it to be so you may wish to ensure you are able to qualify for means-tested Medicaid to cover things that Medicare doesn’t. This can include nursing home care and long-term care at home. Medicaid can, in some cases, also help you to afford premiums and coinsurance costs that you are expected to pay with Medicare. However, you’ll need to be able to qualify for Medicaid to get these benefits.
There may also be other steps that you need to take specific to your situation. You should work closely with a member of our legal team so you can ensure you are able to retire with the financial security that you need. We can provide you with advice specific to your life stage so you won’t have to spend your retirement worrying about money.
Getting Help from Indianapolis Elder Law Attorneys
Indianapolis elder law attorneys at Frank & Kraft will provide personalized one-on-one advice at all phases of your career to help you be prepared for retirement. Whether you are hoping to retire early and want to start saving early in your career, are not sure about how to take advantage of retirement tax breaks or need assistance making sure your retirement accounts will last, we can provide the advice and support that you need to make informed choices.
To find out more about how our firm can help you with all of your retirement planning needs, join us for a free seminar. You can also give us a call at 317-684-1100 or contact us online at any time to get the advice you need to get on track for retirement.