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Home » Financial Planning » An Elder Law Attorney Helps You Understand Sources of Income in Retirement

An Elder Law Attorney Helps You Understand Sources of Income in Retirement

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elder law attorney

An elder law attorney at the law firm of Parman & Easterday provides help with many more issues than most people realize. For example, one of the services that our knowledgeable legal team can provide is assistance making a retirement plan. When you create a retirement plan, you can take control over ensuring you have financial security during retirement. This can be very important, because many people have too little income during their golden years and they end up in a situation where they have to worry about how they will survive financially. 

Parman & Easterday will work with you on your retirement plan throughout the course of your career. We can provide you with assistance and advice on how much you need to save for retirement and on the types of tax-advantaged retirement accounts that you can use to make saving for your future easier.

We can also offer assistance in taking steps to protect your nest egg and with making sure you can afford medical care during retirement. To find out more about the different ways in which an elder law attorney at our firm can help, give us a call today.

How an Elder Law Attorney Helps You Understand Sources of Income in Retirement

It is important to make plans for a secure retirement because you need to make certain you have enough income to support you. In order to put a plan in place, it is important to know what your different sources of retirement income are. For most people, their income in retirement will come from:

  • Social Security: Social Security benefits should replace around 40 percent of the income earned during your career, although this can differ slightly depending upon how much you made over the course of your working life. These benefits provide a major source of income for many older people and, for some seniors, are their only source of income.  While Social Security benefits are important because you keep receiving these benefits until you pass away and because the benefits go up with periodic cost of living adjustments, they are not enough to be your sole source of income.
  • Pension income: Pension income used to be a major source of retirement income.  Now many private sector workers no longer receive a defined benefit pension from their employer. While traditional defined benefit pensions provided workers with monthly income from retirement until they passed on, this is no longer an available option for most workers. Workers in the public sector are much more likely to be able to receive pension income compared with private sector workers.
  • Retirement savings: For the many seniors without pensions, this is the only supplementary source of income besides Social Security. It’s important you save enough that you do not draw down your principal too fast and end up having no savings left once you reach the later part of your retirement years.

Parman & Easterday can help you understand the rules for Individual Retirement Arrangements and other retirement accounts that you can invest in with pre-tax money or that provide tax advantages at the time of withdraw. It’s important to save enough to provide you with the income you need, so work with our firm as early as possible in your career to find the best ways to save.

Getting Help from an Elder Law Attorney

An elder law attorney at Parman & Easterday can provide you with the assistance you need to take full advantage of tax breaks for saving for retirement. It can be much easier to hit your retirement savings goals if you are able to invest with pre-tax dollars or if you are able to invest in an account that allows you to withdraw tax-free as a senior.

We can also provide the guidance and support  you need to protect your retirement nest egg and get your healthcare costs covered as you age. All of these steps are important to make sure you have financial security during your golden years.  You should reach out as soon as you can to find out about the ways in which our firm can help you.

To find out more about how our firm can help with retirement planning issues, join us for a free seminar. To start getting personalized help from a compassionate and knowledgeable member of our legal team, give us a call today at (405) 843-6100 or contact us online today.

Larry Parman, Attorney at Law
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