Traditionally, the “three-legged stool” of pensions, Social Security, and retirement savings ensured that seniors would be provided for in their golden years. Today, the world looks very different. There is no guarantee social security will be available for the next generation, and fewer and fewer companies offer traditional pensions. You need to take control of your own destiny and make sure your golden years are spent in financial security.
IRA & retirement planning allows you to make the informed choices you need to build assets and to choose the types of accounts and investments that will give you a more secure future. Schomer Law provides invaluable assistance to people of all ages with IRA & retirement planning. Whether you are starting your first job and want to begin saving and investing immediately or whether you are a senior reaching retirement age, we can offer personalized advice to you.
Call our Los Angeles IRA & retirement planning lawyers so we can work on your specific issues and so we can answer questions you may have including:
- Why is IRA and retirement planning important?
- What is involved in IRA and retirement planning?
- How can a Los Angeles IRA and retirement planning lawyer help me?
Why is IRA and Retirement Planning Important?
Your financial security in retirement rests upon your shoulders. You want to make sure you do not spend the last years of your life without the funds you need to travel, see the world, enjoy your hobbies and visit your loved ones. The sooner you begin to save and the smarter the choices you make about how to save, the greater the chances that you will build wealth over the course of your life.
Making informed decisions about retirement means more than just deciding how much money to set aside. You also need to maximize the tax advantages available to you for certain types of retirement investing and you need to ensure you choose accounts which will keep your money safe and secure. As you get older, you also need to understand the rules for withdrawals so you do not face penalties that can undermine your efforts at financial security.
Because the rules can be complicated and because your security in your old age is at stake, you cannot afford to guess or make the wrong choice. You need to get legal help from experienced Los Angeles IRA and retirement planning attorneys who can offer essential guidance.
What is Involved in IRA and Retirement Planning?
The IRA and retirement planning process is different for everyone, as your investment options are affected by your income and many other relevant issues. In general, however, when you work with an experienced attorney, some of the steps that will be involved in IRA and retirement planning include:
- Evaluating different types of IRA and tax-advantaged retirement accounts including traditional IRAs, Roth IRAs, Simple IRAs, and SEP IRAs. Your attorney will consider how your income is earned, what your income is, and what your tax situation is so you can choose the best account type.
- Maximizing tax benefits. The different types of IRAs and retirement accounts provide different tax incentives. For example, Roth-IRAs allow money to grow tax free while traditional IRAs allow investments with pre-tax dollars. Based on your current and expected future tax bracket, you’ll need to make a choice about which options provide the most tax advantages.
- Determining investment options. There are income limits and other limitations on the different kinds of accounts you can invest in. Your attorney will help you to understand what the rules say you can invest.
- Determining how much to invest. Deciding how much to set aside is one of the most difficult issues that many people face when planning for retirement because it can be hard to estimate what you will need and how much your money will grow.
These are just a few of the many different issues that should be addressed with the help of a Los Angeles IRA & retirement planning lawyer. It is important to realize that tax-advantaged accounts like IRAs and most other retirement accounts are provided with special protection from creditors in case of bankruptcy. Structuring your retirement plan correctly thus not only allows you to grow and amass wealth for the future but it can allow you to protect important assets.
How Can a Los Angeles IRA & Retirement Planning Lawyer Help
Schomer Law is dedicated to providing representation to people of all ages to help them achieve a secure retirement. Whether you are a senior concerned about how much you can withdraw to preserve your nest egg or whether you are just starting your career and want to know what to save, we are here to help. Give us a call today to learn more about how a Los Angeles retirement planning lawyer can advise you.