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Parman & Easterday

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Home » Retirement Planning

Retirement Planning

What You Need to Know About SECURE Act 2.0

March 1, 2023 by Courtesy of Parman and Easterday

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

Filed Under: Estate Planning, Legal Education, Retirement Planning

Just When You Thought You Understood the 10-Year Rule, Think Again

April 13, 2022 by Courtesy of Parman and Easterday

IRAs have become ubiquitous components of estate plans. The SECURE Act of 2019 altered the landscape for IRAs significantly by eliminating the stretch benefit for most designated beneficiaries and forcing all designated beneficiaries other than Eligible Designated Beneficiaries to use the 10-year rule for distributions. The 10-year rule was thought to operate much like the 5-year rule that existed before the passage of the SECURE Act. Recently issued proposed Treasury Regulations dispute that … [Read more...] about Just When You Thought You Understood the 10-Year Rule, Think Again

Filed Under: consumer, Estate Planning, Legal Education, Retirement Planning

IRA RMDs Have Been Reduced for 2022

March 31, 2022 by Larry Parman, Attorney at Law

IRA required minimum distributions

Your individual retirement account can be drawn upon during your retirement years, and if you do not spend all the money, it will be part of your estate plan. We will look at the details here, and share information about a change that will have a positive impact in 2022. Traditional Individual Retirement Accounts When you have a traditional IRA, you get a tax break each year.  This is because your contributions reduced your taxable income. That’s the good news. The bad news is that the taxes … [Read more...] about IRA RMDs Have Been Reduced for 2022

Filed Under: Retirement Planning Tagged With: IRA required minimum distributions, SECURE act, SECURE Act 2.0

Will You Qualify for Medicare Sooner Than You Think?

August 10, 2021 by Larry Parman, Attorney at Law

Medicare eligibility age

When you pay FICA or self-employment taxes, you earn retirement credits that lead to eligibility for Medicare and Social Security. This year, you receive one credit for every $1470 that you earn.  You may receive a maximum of four credits a year. After you have 40 credits, you qualify for these programs.  Nearly all who have worked are eligible. The program was established in 1966, and the age of eligibility is 65, although this could change. Biden Proposal President Joe Biden has … [Read more...] about Will You Qualify for Medicare Sooner Than You Think?

Filed Under: Retirement Planning Tagged With: Medicare eligibility age, Retirement Planning

Biden Administration Has Proposed Social Security Reforms

May 27, 2021 by Larry Parman, Attorney at Law

social security

Social Security plays an important role in most retirement plans, and the Biden administration has proposed significant changes to the program. We will take a look at them, but before we do, let's look at the existing parameters. Eligibility Age The age of eligibility for Medicare is 65 for everyone, so you might think the Social Security eligibility age is just as straightforward. In fact, it's a bit more complicated. For people born between 1943 and 1954, the eligibility age is 66, and it … [Read more...] about Biden Administration Has Proposed Social Security Reforms

Filed Under: Retirement Planning Tagged With: Elder Law, Retirement Planning, Social Security reforms

Retirement Planning and Your Estate Plan

July 2, 2020 by Larry Parman, Attorney at Law

Retirement Planning and Your Estate Plan

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 should be created in conjunction with your overall estate plan. An Oklahoma City retirement planning attorney at Parman & Easterday offers discusses how retirement planning fits into your estate plan. Retirement … [Read more...] about Retirement Planning and Your Estate Plan

Filed Under: Retirement Planning

The Downside of Taking Early Retirement

January 7, 2020 by Larry Parman, Attorney at Law

Oklahoma City retirement planning attorney

Most of us start thinking about retirement fairly early on in our working career. As we get closer to retirement age, we need to make a number of important decisions about our retirement. At what age we should begin accepting Social Security retirement benefits is one of those decisions. Before you decide to accept your retirement benefits early, an Oklahoma City retirement planning attorney at Parman & Easterday explains the downside of doing so. Understanding the Social Security … [Read more...] about The Downside of Taking Early Retirement

Filed Under: Retirement Planning

At What Age Should I Retire?

September 26, 2019 by Larry Parman, Attorney at Law

Overland Park retirement planning attorneys

For millions of Americans, Social Security retirement benefits will play a significant role in their retirement planning budget. If you are one of these, you may be wondering at what age you should retire and start accepting your benefits. Because it actually matters, the Overland Park retirement planning attorneys at Parman & Easterday explain how the age at which you begin accepting Social Security retirement benefits will impact your benefit amount. The Social Security Retirement … [Read more...] about At What Age Should I Retire?

Filed Under: Retirement Planning

Why A New Job Means It Is Time to Talk with an Overland Park Elder Law Attorney

February 20, 2018 by Larry Parman, Attorney at Law

Overland Park elder law attorney

If you have a new job, you may want to think about talking to an Overland Park elder law attorney about your financial situation and your future planning. A new job is a time of new beginnings in your life. Maybe you have received a promotion and are earning more income, or maybe the new job offers different benefits than at your old position. An attorney can help you address the financial issues and opportunities your new position creates.  Parman & Easterday has extensive … [Read more...] about Why A New Job Means It Is Time to Talk with an Overland Park Elder Law Attorney

Filed Under: Asset Protection, Financial Planning, Insurance, Retirement Planning

Seniors Want A Say In Retirement Living Options

February 8, 2018 by Larry Parman, Attorney at Law

elder law attorney

An elder law attorney provides help to seniors in taking control over their own future. One of the biggest concerns many people have as they get older centers around where they will live. If seniors are no longer able to live independently, decisions will need to be made about whether the senior should move into an assisted living or nursing home care community. This can be a very difficult situation, as there are often concerns about the quality of different facilities and about how care in a … [Read more...] about Seniors Want A Say In Retirement Living Options

Filed Under: Nursing Homes, Retirement Planning

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