Overland Park elder law attorneys will help you do many important things to prepare for the future. One key thing an attorney will help you do is make sure you have the right plans in place for retirement.
Parman & Easterday can help you identify goals for retirement savings throughout your career. We explain the rules for using tax-advantaged accounts to make it easier to build a retirement nest egg so you can retire when you want. We help you put plans in place to protect the assets you have worked so hard to acquire.
Planing for retirement is important because you don’t want to run out of money during your senior years and end up being unable to leave your desired legacy. You should reach out to Parman & Easterday now for help in making your retirement plans, whether you’re just starting out working and saving or whether you’re nearing retirement and want to ensure your nest egg is safe. We provide the personalized help appropriate for your phase of life.
What To Consider Before Deciding When to Retire
When thinking about your desired retirement age, there are key things to consider.
- Will your savings last? Most financial experts recommend you use the four percent rule to determine how much income your savings will produce. When you first retire, withdraw four percent of the value of your account during the first year. Adjust your withdrawal amount upward based on inflation each subsequent year. If you follow this basic rule, the theory is that you won’t run out of money before you pass away. Make sure following the four percent rule will provide you with enough income. Saving money in an IRA throughout your career helps ensure you have a big enough nest egg.
- How will you cover medical care? When you turn 65, you should become eligible for Medicare. If you plan to retire before 65, you’ll need to have a plan for how to pay for insurance and other healthcare costs. After you are on Medicare, there are costs that won’t be covered, such as the cost of nursing home care. You should work with an attorney to ensure you have a Medicaid plan in place should you need care for which Medicare won’t pay so you don’t impoverish yourself paying for a nursing home.
- How will your Social Security benefits be affected? If you retire before full retirement age (FRA), benefits are reduced. If you retire after FRA, you can earn delayed retirement credits until your 70th birthday. Delayed retirement credits increase the amount of monthly income you receive from the Social Security Administration while retiring early reduces your monthly income.
Parman & Easterday will help you decide if there are other issues specific to your situation that will affect your desired retirement age. Everyone’s situation is different and you want to ensure you make the right choices so you can enjoy your golden years.
Getting Help from Overland Park Elder Law Attorneys
Overland Park elder law attorneys at Parman & Easterday can help ensure you have taken full advantage of tax-advantaged retirement accounts, such as Individual Retirement Arrangements, and can help you qualify for the government’s help in saving enough for a secure retirement. We also provide assistance with Medicaid plans or taking other necessary steps to protect your assets during retirement.
To find out more about how our firm can help you with all of your retirement planning needs, join us for a free seminar. You can also call today at (405) 843-6100 or contact us online at any time for personalized help with your retirement planning process.