For millions of people, the retirement years end up being a financial struggle rather than a time to kick back and enjoy life. You can avoid financial worries during your golden years by taking action as early as possible to create a solid retirement plan. Whatever your age, now is the time to get started on saving for retirement or to perfect your investment plans to achieve a more secure future.
Unsworth LaPlante, PLLC provides the guidance and advice you need to create a stable retirement for yourself. Our legal team wants to give you the tools you need and the knowledge that is essential to making a strong plan for a secure retirement. Give us a call today, in Vermont at 802-879-7133, or in Albany at (518) 389-6020 to get personalized advice from an IRA & retirement planning lawyer and to get some of your general questions answered including:
- What should I know about retirement planning?
- How do IRAs fit into my retirement plan?
- How can a Vermont retirement planning lawyer help me?
What Should You Know About Retirement Planning?
Traditionally, there was something called the three-legged stool, which was supposed to provide a comfortable and secure retirement for Americans. The three legs of the stool consisted of a pension offered by an employer; Social Security benefits; and private savings. Unfortunately, for most people, the stool is no longer standing. Social Security benefits are rarely enough to live on. Many employers offer no pensions at all, or offer plans you can contribute to rather than plans that guarantee you a set amount of income. Finally, many people find it hard to save for retirement.
If you want to make sure your retirement is a secure one and that you do not struggle with money, you will need to build your own path to a stable future. This means:
- Deciding how much to invest
- Setting up an investment program and making it automatic so you stick to it always
- Investing the money into accounts which allow you to take advantage of tax breaks
- Protecting the assets which you have amassed for your retirement
- Understanding the withdrawal rules so you can take money out of accounts without facing tax penalties
A New York retirement planning lawyer helps you with all of these different steps to a secure retirement. The sooner you begin investing, the easier the process will be because compound interest will work to make your money grow larger without you having to set aside as much. No matter your age, however, it is best to get started on a plan because starting late is better than not starting at all.
We will work with you to decide what your goals are, what you need to do to achieve them, and what legal tools can help – so give us a call now.
How do IRAs Fit Into Your Retirement Plan?
One of the important ways in which a retirement planning lawyer can help you is to assist you in taking advantage of tax breaks which are in place to make retirement saving easier.
For most people, Individual Retirement Arrangements (IRAs) will provide the maximum tax benefits and will jump start your retirement savings. Traditional IRAs make it possible for you to put aside money and take a tax deduction for it, so you essentially invest with pre-tax dollars and the government thus subsidizes a part of your savings. Roth IRAs make it possible for you to grow your money tax free, although you invest with after-tax funds. There are also options including SEP and Simple IRAs for the self-employed and small business owners.
There are rules for IRAs, including income limits and limits on how much you can deduct. An attorney will help you to understand and follow the rules and will help you to maximize the value of your deductions so you can put aside as much as possible with the government giving your retirement savings an important boost.
How can a Retirement Planning Lawyer Help?
Unsworth LaPlante, PLLC provides assistance with all aspects of retirement planning to people of all ages. We believe strongly that every person, no matter what your income, can create a plan to enjoy their golden years without financial worries. We’ll give you the tools to help make that happen so your retirement dreams can come true.
Our Vermont and New York retirement planning lawyers serve clients statewide, including in Burlington, Essex Junction, Montpelier, Rutland, White River Junction, St. Johnsbury and Newport. We also serve the Capital Region of New York with an office in Albany. Give us a call today, in Vermont at 802-879-7133 or in Albany at (518) 389-6020 or contact us online to speak with a member of our legal team so you can start today on creating a nest egg that will give you a comfortable retirement.