• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • Our Firm
    • About Our Firm
    • Attorney and Staff Profiles
  • Services
    • Asset & Business Planning
    • Dental Practice Law
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Financial Planning Assistance
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Medicaid and Elder Law
    • SECURE Act
    • Special Needs Planning
    • Trust Administration
  • Elder Law
    • Coping With Alzheimer’s
    • Emergency Medicaid & Nursing Home Planning
    • Guardianship & Conservatorship
    • Hospice Care
    • Medicaid Planning
    • Veteran’s Benefits
  • Resources
    • DocuBank
    • Elder Law
      • Elder Law & Medicaid Definitions
      • Elder Law Reports
      • Elder Law Resources
        • Carmel, Indiana Elder Resources
        • Fishers Indiana Elder Law Resources
        • Greenfield, Indiana Elder Law Resources
        • Greenwood Elder Resources
        • Indianapolis Elder Law Resources
        • Lawrence Elder Law Resources
        • Plainfield Elder Resources
        • Zionsville Elder Law Resources
    • Estate Planning
      • Estate Planning Checkup
      • Estate and Gift Tax Figures
      • Estate Planning Definitions
      • Estate Planning Reports
        • Advanced Estate Planning
        • Basic Estate Planning
        • Estate Planning for Niches
        • Trust Administration
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Free Estate Planning Worksheet
    • Frequently Asked Questions
      • Asset Protection Planning
        • Business Succession Planning
      • Elder Abuse
      • Elder Law
        • Medicaid
        • Medicaid Planning
        • Planning for Long-Term Care
      • Estate Planning
        • Avoiding Estate Taxes
        • Frequently Asked Questions for Families Without an Estate Plan
        • LGBTQ Estate Planning
        • Women and the Need for Estate Planning
      • Financial Planning
      • Incapacity Planning
      • Legacy Wealth Planning
      • Pet Planning
      • Philanthropy in Your Estate Plan
      • Probate
      • Power of Attorney
      • Small Estate Administration
      • Trusts
        • Trust Administration
        • Trust Administration
        • Serving as Executor
      • Understanding Your Social Security Retirement Benefits
      • Wills
        • Contesting a Will
    • Newsletter
    • Pre Consultation Form
    • Probate and Trust Administration
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss Of A Loved One
      • Probate Resources
        • Carmel, Indiana Probate Resources
        • Greenfield Probate
        • Greenwood Probate
        • Indianapolis Probate
        • Plainfield Probate
        • Indiana Probate
        • Zionsville Probate
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
  • Reviews
    • Our Reviews
    • Review Us
  • Areas We Serve
    • Boone County
      • Lebanon
      • Zionsville
    • Hamilton County
      • Carmel
      • Fishers
    • Hancock County
      • Greenfield
    • Hendricks County
      • Brownsburg
      • Plainfield
    • Johnson County
      • Franklin, Indiana
      • Greenwood
    • Marion County
      • Central Indiana
      • Indianapolis
  • Blog
  • Contact Us

Frank & Kraft, Attorneys at Law

Indianapolis Estate Planning Attorneys

CONNECT WITH US TODAY(317) 684-1100

Attend a Free Workshop
Home » Retirement Planning: Will You Be Ready?

Retirement Planning: Will You Be Ready?

June 2, 2016Retirement Planning

retirement planning

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 puzzle when you are putting a long-term financial plan together. You want to make sure that you can enjoy your golden years to the fullest, and this takes careful preparation over an extended period of time. Social Security will be part of the equation for most people, so we should provide some information about this program.

Qualifying for Social Security

Everyone does not automatically qualify for Social Security at a particular age. To qualify for Social Security, you must earn sufficient retirement credits.

You get retirement credits while you are working and paying taxes. This post is being written in 2016. In 2016, you earn one retirement credit for every $1,260 that you earn. It is possible to earn a maximum of four retirement credits in a year.

The word “maximum” is operative. Even if you earn a million dollars in a year, you would accrue the same four retirement credits that would be accumulated by someone who earned $5,040 during the year.

Once you have at least 40 retirement credits under your belt, you will qualify for Social Security when you reach the age of eligibility.

Reduced Benefit

Under currently existing laws, you can choose to accept a reduced benefit. When you are 62 years of age, you can begin to draw your Social Security payout, but it will be less than your full retirement benefit.

Plus, you will lose some of your benefit if your earnings exceed a certain threshold.

Full Social Security Benefit

The age of eligibility for your full Social Security benefit will depend upon your year of birth. For people born before 1954 who are not yet eligible for full benefits, the age of eligibility is 66. The eligibility age then goes up by two months per year.

In other words, if you were born in 1955, your eligibility age is 66 years and two months. If you were born in 1956, your age of full eligibility is 66 years and four months.

The age of eligibility goes up in this fashion until the year 1960. People who were born in 1960 and after become eligible for their full Social Security benefit when they reach the age of 67.

It is also possible to delay the submission of your application for eligibility until you are as old as 70 years of age. If you do this, you will receive an increased benefit.

Individual Retirement Accounts

When you are planning for retirement, you should make sure that your individual retirement accounts are optimally utilized. Many employers will match your contributions up to a certain point, and this is something that you should certainly take advantage of if it is available to you.

You should also have a full understanding of the tax laws that govern these accounts. With a traditional individual retirement account, you make contributions before you pay taxes, so the distributions are taxed. Things work in the opposite manner with a Roth IRA. You make after-tax contributions into a Roth individual retirement account. As a result, any distributions that you take from this type of account would not be subject to regular income taxes.

Your retirement planning attorney can explain the differences between Roth and traditional IRAs and make recommendations based on your unique personal circumstances.

Special Report on Individual Retirement Accounts

You should educate yourself when you are looking ahead toward your retirement years. We have assembled an electronic research library that contains special reports on a number of different relevant topics. One of the reports covers individual retirement accounts. In addition to the obvious retirement benefits, when certain circumstances exist, an IRA can be used as an estate planning tool as well.

If you would like to gain access to this valuable free report, click this link and follow the simple instructions: Free IRA Report.

Schedule a Retirement Planning Consultation

Retirement can be one of the most rewarding periods of your life if you plan ahead effectively. We would be glad to discuss your retirement goals with you one-on-one.

To request a consultation, call us at (317) 684-1100 or send us a message through this page: Indianapolis Retirement Planning Attorneys.

  • Author
  • Recent Posts
Paul A. Kraft, Estate Planning Attorney
Paul A. Kraft, Estate Planning Attorney
Paul Kraft is Co-Founder and the senior Principal of Frank & Kraft, one of the leading law firms in Indiana in the area of estate planning as well as business and tax planning.

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.
Paul A. Kraft, Estate Planning Attorney
Latest posts by Paul A. Kraft, Estate Planning Attorney (see all)
  • Updated Federal Gift and Estate Tax Figures for 2023 - January 26, 2023
  • Why Estate Planning Is Important for Multi-National Couples - January 24, 2023
  • When Do I Need to Update a Trust Agreement? - January 19, 2023

Other Articles You May Find Useful

Indianapolis assets protection planning
Ready to Retire?  If So, Are Your Assets Protected?
Indianapolis retirement planning attorneys
Best Countries for Retiring Abroad
Indianapolis retirement planning attorneys
How Does Indiana Rate as a Retirement Destination?
Indianapolis retirement planning attorneys
Retirement Planning Considerations
Indianapolis retirement planning attorneys
How Will My Age at Retirement Affect My Social Security Benefits?
Indianapolis estate planning attorneys
How Does Retirement Planning Fit into Your Estate Plan?

Primary Sidebar

Frank & Kraft, Attorneys at Law

Download our free Estate Planning Worksheet

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

Follow Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube

Blog Subscription

Where We Are

Frank & Kraft Attorneys at Law
135 N. Pennsylvania Street Suite 1100
Indianapolis, IN 46204-2485
Phone: (317) 684-1100
Fax: (317) 684-6111

See Larger MapGet directions

Office Hours

Monday8:00 AM - 5:00 PM
Tuesday8:00 AM - 5:00 PM
Wednesday8:00 AM - 5:00 PM
Thursday8:00 AM - 5:00 PM
Friday8:00 AM - 5:00 PM

Map

frankkraft_sidbr_map

Footer

  • Advantages of Working With Our Firm
  • About The American Academy
  • Disclaimer
  • Privacy Policy
  • Sitemap
  • Contact Us

Connect with Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube
footer-logo

Frank & Kraft Attorneys at Law
Attorney Advertisement

© 2023 American Academy of Estate Planning Attorneys, Inc.

© 2023 · American Academy of Estate Planning Attorneys, Inc. | Disclaimer | Privacy Policy | Sitemap | Contact Us