With the help of Parman & Easterday, you can discover the steps you need to create a secure retirement, and the ways that special tax advantaged accounts can help to make the process easier. Too many people end up spending their golden years worried about how they will pay the bills. You never want this to happen to you, and we will help you to make sure that you get the financial security you deserve during your old age.
No matter how much or how little money you make, you can save for retirement and build a more secure future if you get the right legal advice. If you live in or around Oklahoma City, OK we can help. Give us a call today to get personalized assistance with retirement planning and to find out how you can make full use of Individual Retirement Arrangements (IRAs) that jump start your savings efforts. We can also answer general questions including:
- When should I get retirement planning help?
- What do I need to know about retirement planning & IRAs?
When Should You Get Retirement Planning Help?
You should get retirement planning help at the start of your career, during your career, and during your retirement years. Everyone of all ages needs to get help, but the assistance you receive will be different depending upon where in your working life you are.
When you are first beginning to work and earn money, you should set retirement goals and begin putting cash aside for your future right away. If you begin to save when you are very young, you will not face as much of a struggle to put aside money for retirement because you can save less and still end up with a substantial nest egg due to compounding interest. As you begin your work life, an attorney can help you to select the right type of retirement accounts and to set goals for putting aside the money you will need to retire when you want to.
As you move closer to retirement age, your attorney will help you to determine if you are on track for retirement and can help you to explore the rules for catch up contributions so you can build up a better nest egg. We can also provide you with assistance in protecting the assets that you may have acquired over the course of your working life so your property will not be at risk if you end up requiring nursing home services when you age.
Finally, when you have retired and become a senior, your attorney can explain the rules for required withdrawals from tax-advantaged accounts and can help you to decide how much money you can comfortably take out of your accounts without jeopardizing the ability to make your money last.
What Do You Need to Know About IRAs and Retirement Planning?
One of the key things that a retirement planning attorney helps with is choosing the right kinds of investment accounts. There are Individual Retirement Arrangements (IRAs) which provide tax advantages to eligible savers, and taking advantage of these accounts can give your savings a major boost since the government essentially subsidizes your savings.
For most people, traditional and Roth IRAs are the best options for setting aside retirement funds and getting tax breaks. Traditional IRAs let you invest with pre-tax dollars because you can deduct the amount of money you are allowed to invest each year. Roth-IRAs let you grow your money tax free, although you invest with after-tax dollars.
Both traditional and Roth-IRAs have income limits and contribution limits, so your lawyer can explain the rules. If you are self employed or own a business, your attorney can also help you to determine if Simple or SEP IRAs could be the best choice for you.
How Can an Oklahoma City, OK Retirement Planning Lawyer Help?
Parman & Easterday has a long track record of providing retirement planning assistance to clients in all income brackets in Oklahoma City, OK. If you live in or around these areas and you want to make sure you are doing the right things to have a financially secure retirement, give us a call today.
You can reach us at (405) 843-6100 in Oklahoma City. You can also contact us online to speak with our legal team. We’ll explain the services we offer and will provide you with the comprehensive assistance you need to build a nest egg that will allow you to enjoy retirement without financial concerns. Find out more today!
