IRA and retirement planning are of the utmost importance due to the need to take control of achieving your own financial security. Many employers offer no retirement plans at all, while others offer only 401(K) plans which do not provide a guarantee of payouts. Social Security alone is rarely or never enough to live on, which means you need to be smart about savings so you don’t have to worry about money during your golden years.
O’Drobinak & Nowaczyk, P.C. can provide you with the help you need to be smart about retirement planning. Our legal team understands the tools you can use to jumpstart your savings and we can help you to set and achieve goals for a secure future. We can also provide assistance with asset protection so you can keep the wealth you have built secure.
To find out more about the ways we can help you to enjoy your retirement without financial worry, give us a call at 219-865-2285. Our legal team can provide personalized advice or you can get questions answered by an experienced attorney including:
- When should you start retirement planning?
- How can an IRA help with your retirement planning?
- What can a Schererville, Indiana retirement planning lawyer do for you?
When Should You Start Retirement Planning?
You should start retirement planning today. If you do not already have a plan in place, you can begin to set goals and to make smart plans for saving enough to retire. If you have begun putting money aside but are not yet sure if you are on the right track, you can also benefit from legal advice from an experienced professional. Your attorney can assist you in protecting assets and making wise use of tax-advantaged accounts.
Beginning retirement planning early is essential, because most people do not have enough saved and are dangerously behind when it comes to building a nest egg. It is much easier to save smaller amounts of money for a longer period of time and take advantage of compound interest, so the sooner you start, the better off you will be. However, it is never too late to save.
O’Drobinak & Nowaczyk, P.C. can help at every single phase of your retirement planning. If you are beginning your career, you can make certain you don’t fall behind in savings by setting aside money early. If you are nearing middle aged and have concerns that you have not saved enough, you can find ways to make smarter money moves going forward. If you’ve begun building wealth, you can get asset protection help to secure it. Finally, if you are a senior, you can get personalized advice about making your retirement savings last.
How Can An IRA Help With Your Retirement Planning?
One of the most important tools for retirement planning is an IRA. IRAs, or individual retirement arrangements are special accounts intended for retirement savings which bring legal benefits. If you have invested in an IRA, for example, your money is afforded certain protections. Among other things, if you go bankrupt and have an IRA, the money in the IRA will not need to be turned over to the bankruptcy estate to repay creditors.
IRAs also provide substantial tax benefits. If you invest in a traditional IRA, SEP-IRA, or Simple IRA, you can put aside money tax free. Investing with pre-tax dollars means the government subsidizes savings. If you opt for a Roth-IRA, you can grow your money tax free, which can benefit you if you believe you will be in a higher tax bracket at the time of retirement than when you are making investments.
Different types of IRAs have different contribution limits for tax deductions, and different rules about maximum deposits based on the amount and source of your income and the account type. You should work with an experienced retirement planning lawyer to find out about whether IRAs are the right type of account for you and to find out how much you should save within your IRA.
What Does A Schererville, Indiana Retirement Planning Lawyer Do For You?
O’Drobinak & Nowaczyk, P.C. provides comprehensive retirement planning help. Whether you are young, middle aged, a senior, or any age in between, we can work with you to set retirement goals, to take advantage of legal tools that help you achieve your plans, and to protect and secure your wealth.
Give us a call at 219-865-2285 or contact us online to speak with a Schererville, Indiana retirement planning lawyer to find out more about the ways in which we can help you.
