If you have spent decades contributing to retirement savings, those accounts likely represent a significant portion of your overall wealth. Integrating those assets into your estate plan should not be viewed as optional but as a necessary step if you want to preserve tax advantages, protect beneficiaries, and avoid unintended consequences. Retirement accounts operate under a complex framework of federal tax rules and distribution requirements and when you coordinate those rules with your broader … [Read more...] about How Retirement Accounts Fit into a California Estate Plan
retirement planning
Top 5 Countries to Retire Abroad in 2025
Choosing where to live during your retirement is a major decision—one that can shape your daily life, your financial outlook, and your overall happiness. While saving for retirement is critical, selecting the right location can enhance your quality of life and extend your resources further. More retirees from California are looking outside the U.S. for options that offer affordability, pleasant climates, and new cultural experiences. If you are thinking about retiring abroad, doing your research … [Read more...] about Top 5 Countries to Retire Abroad in 2025
Integrating Retirement Planning with Your Estate Plan
Like many people, retirement savings may form a critical part of your overall financial picture. If so, it is important to ensure your retirement accounts work alongside your estate plan to protect your assets and provide for loved ones. Key components such as Individual Retirement Accounts (IRAs) and 401(k) plans come with specific rules, particularly regarding Required Minimum Distributions (RMDs). Knowing how these rules impact you and your beneficiaries can help you make better decisions. … [Read more...] about Integrating Retirement Planning with Your Estate Plan
How to Get the Most Out of Your Social Security Retirement Benefits
You are likely focused on saving and planning for retirement, understanding that retirement planning and estate planning are closely intertwined. While it is no longer feasible to rely solely on Social Security retirement benefits to fund your retirement, there are strategies you can use to maximize your Social Security retirement benefits. To help get you started, the Los Angeles attorneys at Schomer Estate & Wealth Advisors offer some tips to help you get the most out of your Social Security … [Read more...] about How to Get the Most Out of Your Social Security Retirement Benefits
Tips for Choosing Your Retirement Destination
Retirement planning involves more than just ensuring that you have sufficient financial resources available to live comfortably throughout your “Golden Years.” Of equal importance is where to live when you retire. Not only will your choice have a direct impact on your finances, but it can also affect your quality of life. If you are nearing retirement age, now is the time to start thinking about where to retire. With that in mind, the Los Angeles attorneys at Schomer Estate & Wealth Advisors … [Read more...] about Tips for Choosing Your Retirement Destination
What Is a Qualified Longevity Annuity Contract?
Like many Americans, you may have started planning for your “Golden Years” when you began your first “real” job and have been planning and saving ever since. If you are now nearing retirement, or have already entered your retirement years, you may be worried that despite your best efforts, your retirement savings won’t stretch far enough. In short, you are concerned that the money will expire before you do. If you find yourself in this predicament, the Los Angeles attorneys at Schomer Estate & … [Read more...] about What Is a Qualified Longevity Annuity Contract?
The SECURE Act – the Gift That Keeps On Giving
The SECURE Act of 2019 altered the landscape for IRAs significantly when signed into law. Just when advisors gained a level of comfort with the SECURE Act, the United States Treasury Department issued Regulations in early 2022 requiring RMDs under the 10-year Rule in years 1-9. After realizing that many individuals were unaware of that requirement, the Internal Revenue Service responded by issuing Notice 2022-53 suspending the requirement to take RMDS in 2021 and 2022. SECURE 2.0 came at the end … [Read more...] about The SECURE Act – the Gift That Keeps On Giving
10 Retirement Planning Tips You Can’t Afford to Ignore
The earlier you begin planning for retirement the less you will need to save in the long run. In fact, you might be amazed to find out what a huge difference it makes to start saving earlier in your working career. To ensure that your retirement plan works as intended, however, it needs to work in harmony with your estate plan. With that in mind, the Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors offer 10 retirement planning tips you can’t afford to … [Read more...] about 10 Retirement Planning Tips You Can’t Afford to Ignore
What You Need to Know About SECURE Act 2.0
IRAs have become ubiquitous components of estate plans. The SECURE Act of 2019 altered the landscape for IRAs significantly. Just when advisors began to get comfortable with the new 10-year rule, the United States Treasury Department promulgated proposed Treasury Regulations early in 2022 adding additional complexity to that rule by requiring annual distributions for a non-EDB of a participant who died after their Required Beginning Date. Once again, the SECURE Act includes additional provisions … [Read more...] about What You Need to Know About SECURE Act 2.0
2022 Global Retirement Index Top 5 List
Many factors will impact how comfortable you are when you retire. While the amount of money you managed to save is certainly one of those factors, where you spend your retirement years is also a significant factor. Many retirees move outside of the United States to make their retirement savings worth more. If you are considering retiring abroad, the Los Angeles estate planning attorneys at Schomer Estate & Wealth Advisors share the 2022 Global Retirement Index top five list. What Is the … [Read more...] about 2022 Global Retirement Index Top 5 List
