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
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
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?
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
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
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
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?
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
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
When planning for possible retirement, you have a lot of things to think about. There is the matter of financing your active retirement years, and there are some additional expenses that could arise during your twilight years. Accumulating necessary resources can be challenging for many individuals. Social Security income is quite limited. Sometimes there are no easy answers. Full retirement can be elusive. Many people are deciding to continue to work even after they … [Read more...] about Retirement Planning: Consider Limitations