Planning for retirement can be a complicated process, especially if you want to take advantage of tax breaks and special accounts that protect your assets. It is important to be smart about making plans for your retirement future so you and your loved ones can enjoy financial security in your golden years. A big part of making an effective plan and being able to save what you need involves getting professional legal advice.
Frank & Kraft can provide you with the assistance that you need to have a worry-free retirement. Give our Indianapolis IRA & retirement planning lawyers a call so we can provide advice specific to your situation. We provide help regardless of age and income level, and will work with you to achieve financial stability whether you are 25 or 65 and no matter how much money you make. We can also provide answers to general questions you may have including:
- When should I get retirement planning advice?
- What are IRAs and how do they fit in with retirement planning?
- How can an Indianapolis retirement planning lawyer help?
When Should I Get Retirement Planning Advice?
You should get retirement planning advice as soon as you can, when you are as young as possible. Getting retirement planning advice early on in your life is going to make it much easier for you to save for a secure future. Not only can you take advantage of compound interest to help you grow your money, but you can also take advantage of tax breaks each year so the government will subsidize your savings.
If you have not started when you are young or just beginning your career, this doesn’t mean it is too late for you to have a secure retirement. You can still grow a substantial nest egg with smart investment decisions, especially if you get the right legal advice on how much to save and on what types of accounts can help jump start your savings by giving you tax breaks.
Not only is it important to get advice when you are young or middle aged, but it is also essential to speak with an experienced retirement planning lawyer when you are a senior. As you get older and enter your retirement years, it becomes important to understand the rules for taking money out of tax-advantaged accounts. You also need to create a plan to avoid spending your money too quickly, which could leave you running out of cash before the end of your life. Finally, with concerns about nursing home care, seniors should get help with asset protection to keep their retirement savings safe and ensure they do not lose their assets if they have to pay for costly nursing home care.
What are IRAs and How Do They Fit in With Retirement Planning?
At all age levels, one of the most important things you need to know about retirement planning is how to take advantage of Individual Retirement Arrangements (IRAs). IRAs allow you to benefit from tax breaks which can make it much easier for you to save enough for retirement.
IRAs work by allowing you to get tax advantages for investing a certain amount of money each year. The specific amount you are able to invest and receive special tax treatment for is going to vary depending upon your age, income level, and whether a retirement plan is available to you or to your spouse at work. However, there is an IRA available that will work for almost everyone.
When you invest in an IRA, you could invest with pre-tax funds if you opt for a traditional Individual Retirement Arrangement. If you are a business owner or self employed, you may be able to invest more with a Simple or SEP-IRA. Finally, if you prefer tax-free growth and are willing to invest with after-tax funds, a Roth-IRA may be your best option. An attorney can help you to decide which choice is the right one for you.
How can an Indianapolis Retirement Planning Lawyer Help?
An Indianapolis retirement planning lawyer can provide invaluable assistance to anyone who wants to achieve a secure retirement. Today, most people are dependent upon themselves and their own ability to save to achieve financial security during their golden years. You don’t want to struggle with money as a senior and you shouldn’t have to. Give Frank & Kraft a call today at (317) 684-1100 or contact us online to learn more about how we can help you with your retirement plan.
Investment advisory services offered through Frank & Kraft Wealth Coaching, Inc.