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Are You Saving Enough for Secure Retirement As a Senior?

Retirement Planning

Indianapolis Elder Law Lawyers

Indianapolis elder law attorneys can help you to make certain that you are on track for a secure retirement. It is up to you to make plans to provide for yourself during your golden years, as Social Security is typically not enough to live on by itself and as many employees don’t have access to defined benefit pension plans that offer lifetime guaranteed income. If you want to make certain that you aren’t struggling to survive financially when you are older, you need to set retirement goals when you are young as possible and get help from an experienced attorney in making sure to take the right steps to achieve those goals. 

Frank & Kraft will work with you to identify the issues that could affect your retirement savings, to make plans to save a sufficient amount, and to identify the right types of tax-advantage accounts to use for your servings. Our Indianapolis elder law attorneys can also help you with asset protection so you can ensure that the nest egg you are working so hard to build is able to provide for you when you get older. To find out more about how our firm can help you with the retirement planning process, give us a call today.

Are You Saving Enough for Retirement?

Saving enough for retirement can be complicated, especially as many people have misconceptions about the amount of money they will actually need during their golden years. You want to ensure that you have a full understanding of what you need to actually save, which means dispelling myths about how much you’ll likely spend in retirement, how long your savings will last, and what percentage of your income you could be saving. For example, as USA Today explains, many people believe some common “rules” that actually are probably not accurate.  Some of the misconceptions you may have that could cause you to save too little for retirement include the following:

  • The idea you can save 10% of your income and have enough for retirement: While the 10 percent rule is often cited, it is not necessarily true in every case, People are living longer and returns are not projected to be as high as they once were, especially in a low interest rate climate. As a result, saving 10 percent of your income isn’t always enough. This is especially true if you start saving later in life. Instead of just assuming you’ll have enough money if you save 10 percent of your income, you should try to assess how much money you will actually need in retirement and make a plan to save that amount.
  • The idea you can withdraw four percent from your retirement savings and you won’t run out of money: The four percent rule was a common maxim, but it also doesn’t necessarily make sense in a time of low interest rates and returns. You should think about being more cautious in your retirement projections and planning to take less out of your retirement account each year when you set your savings goals.
  • The idea you’ll spend less than you earn in retirement: This is not necessarily the case for many people, especially if you have high medical expenses and want to travel. If you set your retirement goal to replace only 80 percent of your income, which is common, you may find you have too little money.

Because it can be difficult to determine how much you should actually save for retirement, you should work with Indianapolis elder law attorneys to be proactive in setting goals that are right for your particular situation and taking steps to achieve them.

Getting Help from Indianapolis Elder Law Attorneys

Indianapolis elder law attorneys at Frank & Kraft can provide personalized one-on-one advice as you create your retirement plan. We can help you to evaluate your current situation, determine what your retirement goals should be, and set forth a realistic plan for achieving those goals. The sooner you start on the process of saving for retirement, the more likely it is that you will be able to put aside enough to retire comfortably at a reasonable age so you should not wait to get legal help.

To find out about the different ways our firm can help you with your retirement planning, join us for a free seminar. You can also give us a call at 317-684-1100 or contact us online at any time or personalized help making your retirement plans. Call today so you can start saving and make sure you have the money you need to enjoy your life after you leave the workforce.

Paul A. Kraft, Estate Planning Attorney
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