Most people entering their retirement years today started saving for retirement a long time ago after realizing that Social Security retirement benefits would not even cover their basic bills when they reached their “Golden Years.” One common retirement savings tool is an Individual Retirement Account, or IRA. If you have an IRA, you need to understand the rules for distributions from your IRA. To get you started, the Los Angeles retirement planning attorneys at Schomer Estate & Wealth Advisors … [Read more...] about Distribution Rules for an IRA
IRA and Retirement Planning
Things You May Need to Update in Your Estate Plan When You Enter Retirement
Creating a comprehensive estate plan is one of the most valuable gifts you can give to yourself and to your loved ones. An estate plan that functions as intended will protect your assets and help them grow over the course of your lifetime as well as ensure that your loved ones are provided for in the event of your death or incapacity. If you have an estate plan in place already, however, you are not done yet because reviewing and revising your existing estate plan is just as important as … [Read more...] about Things You May Need to Update in Your Estate Plan When You Enter Retirement
Consider Taxation When You Choose a Retirement Destination
Southern California is a fantastic place to live in many ways, but there are a handful of negatives. Obviously, the traffic is one of them, and we have the highest state income tax rate in the country. Even if you have no problem with any of the above, you may consider spending your retirement years in another state for other reasons. If you are in this position, you should definitely take taxation into consideration. Estate Taxes There is a federal estate tax that will follow you wherever … [Read more...] about Consider Taxation When You Choose a Retirement Destination
Webinar Recording: 2019 Year-end Tax Planning for Investors
It is always important to review that there are five key areas of financial planning: Preservation, Retirement Planning, Investments, Tax Planning, and Estate Planning As a comprehensive financial services firm, we try to always consider the impact of any recommendation we make on not just one, but all of these areas for our clients. The webinar focuses primarily on the economy’s outlook and some year end tax planning ideas which could have an impact on some of your financial … [Read more...] about Webinar Recording: 2019 Year-end Tax Planning for Investors
What Happens to Your Retirement Account When You Die?
Part of estate planning is making sure that, after your death, your loved ones know how to handle your affairs. That means knowing where to find your various assets and the important documents needed to handle your estate. A common question clients have is what happens to their retirement account after their death? Maintain Records of Your Retirement Accounts In order for your survivors to file claims for the outstanding benefits from your retirement accounts upon your death, they will need to … [Read more...] about What Happens to Your Retirement Account When You Die?
Including Los Angeles Veterans Retirement Benefits in Your Plan
If you are a veteran and you are working on your retirement plan, you need to consider the different types of financial support you are likely to receive during your lifetime. Two of the most common types of financial benefits available for veterans are pension benefits and compensation benefits. In this post, we will discuss important aspects of Los Angeles veterans retirement benefits that should be considering during your retirement planning. Understanding the Differences in Veterans … [Read more...] about Including Los Angeles Veterans Retirement Benefits in Your Plan
Getting to Know the California Public Employees’ Retirement System
If you are a California resident with a career in public service, you should become familiar with the California Public Employee's Retirement System or CalPERS. CalPERS has provided retirement benefits and health security for public service employees for more than 80 years, becoming the nation's largest public pension fund. The CalPERS pension fund serves more than 1.7 million members. Overview of benefits provided by CalPERS There are a wide variety of retirement benefits and other services … [Read more...] about Getting to Know the California Public Employees’ Retirement System
Avoid These Retirement Planning Mistakes
Many clients become anxious when the topic of retirement planning is mentioned. Clients question whether or not they have sufficient income or money set aside to have a comfortable retirement. Should you start planning now and how, exactly, should you save or invest your money? Many of the questions that must be asked in retirement planning can seem overwhelming. Just be sure to avoid these common retirement planning mistakes, and consult with your estate planning attorney, and you can … [Read more...] about Avoid These Retirement Planning Mistakes
Why You Need a Retirement Plan
Clients often have the false impression that social security benefits and a basic 401K are sufficient for retirement. The truth is, it is important to create a real retirement plan so you won’t need to be dependent on government benefits, in order to have a comfortable retirement. Social security may not be a secure as you think. That’s why you need a retirement plan. What you need to know about Social Security benefits Most of us are concerned about the certainty or stability of the … [Read more...] about Why You Need a Retirement Plan
What Is an IRA and How Does It Work?
Have you started planning for retirement yet? It is never too early to start thinking about it. Most of us would like to look forward to a more comfortable retirement than Social Security can provide. The purpose of an IRA is to do just that, allow you to plan, save, and invest in your future. An IRA can also be used to help pay for other important purchases, while providing wonderful tax breaks. So, what is an IRA and how does it work? Definition of an IRA An IRA, or Individual … [Read more...] about What Is an IRA and How Does It Work?
