Can I retire? This is one of the most common questions that Unsworth LaPlante, PLLC receives when talking to clients who are thinking ahead about their futures. Unfortunately, many people have far too little money saved for retirement and they do not have a solid plan in place to ensure they will be financially secure during their golden years. If you do not make your plans for retirement when you are young, the question, can I retire?, is probably going to cause you stress. You should work … [Read more...]
What Kinds of IRAs Should You Consider During Retirement Planning?
Retirement planning is essential to ensure that you have the money you need when you stop working and want to enjoy your golden years. For most people, Social Security benefits aren't sufficient to live on after retirement. Saving enough to provide you with a steady income and money to do the things you want during retirement can be a challenge, and starting early and making informed choices is key to financial success. Fortunately, there are some tools to help you achieve financial … [Read more...]
Vermont Senator & Presidential Candidate Wants to Expand Social Security
Those who want to create a solid plan for retirement should consider reaching out to an elder law attorney. Talking to an elder law attorney to create a retirement plan is not just something that you should do when you are close to the retirement age. In fact, the younger you are when you get help, the better your chances are for a secure future. Today, far too many seniors rely on Social Security as their only source of retirement income. Social Security used to be part of a "three-legged … [Read more...]
Key Issues That Will Impact Your Retirement Plan
Creating a retirement plan is one of the single best things that you can do in order to make sure that your golden years are filled with joy, rather than financial worries. The sooner you begin the process of creating a retirement plan, the more organized you can be about setting aside assets and structuring your accounts in a way that allows you to maximize your savings and protect your financial security. Creating a retirement plan can be complicated, no matter what stage of your life you … [Read more...]
Are 401 (k) Plans in Trouble?
Did you know that half of American workers lack company-sponsored retirement plans? Or that just 45% of businesses with fewer than 100 employees offer 401(k)s? Is this indicative of future problems? Are today’s 401 (k) plans in trouble? Two-thirds of Americans either work part time, they change jobs often or they work for smaller businesses, all of which can lend to a lack of retirement savings. Couple this with the fact that we’re living longer and the potential for problems become clear. … [Read more...]
Inheriting an IRA
Recently, a client came to us with a question about an inheritance. Turns out, his mother left to him her IRA, which was valued at close to $1 million. His question? “Now what?” He didn’t want to make a wrong choice that could lead to a huge tax bill and he sure didn’t want to make a wrong move that could result in a poor financial move with the money his parents worked hard to save throughout their lives. He was unsure if it was even a good idea to request a check. This was a smart move. By … [Read more...]
What are Your Retirement Goals?
Are you one of the 36 percent of American adults with less than $1000 in savings? That number has continued to rise in recent years and even more startling, more than half aren’t looking for a way to improve that number. For the other 64 percent, only half have more than $25,000 socked away for retirement. According to the non-profit Employee Benefit Research Institute, many are simply struggling with the cost of living as a whole. The day to day expenses are considerable, which makes … [Read more...]
What Your IRA Beneficiaries Need to Know
Last summer, the Supreme Court ruled that funds held in an “inherited IRA” are not retirement funds within the meaning of Section 522(b)(3)(C) of the Bankruptcy Code. This means, the accounts are subject to creditor claims in a bankruptcy. The Supreme Court was asked to rule inherited IRAs remain retirement accounts once they’re inherited by the beneficiaries. The argument was simple, the suit explained. An individual IRA that’s passed down should maintain its characteristics and remain … [Read more...]
Free Report:Is Legacy Planning for You?
We all know how important it is to have a will, a living will, retirement and other important legal documents. It’s the way we’ve always been taught to care for our loved ones and protect what we’ve worked for over the years. Click here to read the whole article or download the PDF. … [Read more...]
Retirement Planning in Essex Junction: Reverse Mortgages and Seniors – Not the Cure-All
For some years now, we’ve heard a lot about reverse mortgages and how they can help retirees offset shortages in their retirement plans. They were generally touted as the cure-all, but these days, it appears they’re anything but the cure-all they were advertised as. There are numerous reasons people choose this approach. Many had been forced into an early retirement during the recession and were not yet prepared for it, others had astronomical prescription drug costs that traditional … [Read more...]
