While most people dream of their retirement years, that dream can quickly turn into a nightmare if you have not made a financial plan. Too many people struggle to live on Social Security benefits, unable to afford to live the life they had always hoped for during retirement. With fewer employers than ever offering defined benefit pension plans, it is up to you to take control if you want your golden years to be a time of financial security instead of a time of financial stress.
Randy Holmgren believes it is never too late to take control over your retirement destiny. Whether you are retired and concerned about making your money last, middle-aged and getting worried about retirement, or just starting your career, we will help you to make informed choices about saving, investing, and living off retirement assets. Give our Salt Lake City, UT retirement planning lawyers a call today for personalized advice and to get answers to questions including:
- What is involved in retirement planning?
- How does an IRA help with your retirement plan?
- What can a Salt Lake City retirement planning lawyer do for you?
What is Involved in Retirement Planning?
The process of retirement planning should begin early and should start with setting savings goals. If you save when you are young, you will have more time to build a nest egg and can put aside smaller amounts of money each month. You’ll also give your money more time to work for you, and the magic of compound interest means you can achieve financial security without as much stress or sacrifice.
Setting savings goals is only the start of the process. You need to decide on what kinds of retirement accounts to use, how best to protect the assets you’re amassing, and what will happen to your retirement nest egg if something happens to you.
Finally, when you enter into your golden years, you need to know the special rules associated with withdrawing money from tax-advantaged retirement plans and you need to make sure you don’t draw down your money too quickly and run out of cash before the end of your life.
We help with all of these retirement planning steps and more. We’ll be there to assist you with creating and carrying out your plan from your first day of work to the day that you close your office door forever and retire. Trust us to be your legal guides as you make your life’s work pay off in a secure retirement.
How Does an IRA Help With Your Retirement Plan?
One of the most important parts of the retirement planning process is making sure you save enough money to last throughout your golden years. Saving substantial amounts of cash can be hard, but the government helps. There are tax-advantaged retirement accounts that you can use if you want to jump start your savings and let the government subsidize your retirement planning efforts.
Some retirement accounts, like 401(K)s, are typically available only if your employer provides them. However, almost everyone can take advantage of Individual Retirement Arrangements (IRAs). Depending upon which IRA you choose you could potentially put aside money tax-free or you could invest with post-tax cash and watch your money grow without having to pay taxes on the gains.
IRA options include Roth and traditional IRAs, which are the right choices for most investors, as well as Simple and SEP IRAs, which can be used by entrepreneurs and small business professionals. An experienced IRA planning lawyer can help you to decide which account is right for you and can help you to understand income and contribution limits.
What Can a Salt Lake City Retirement Planning Lawyer Do For You?
Randy Holmgren provides comprehensive retirement planning help to clients in Salt Lake City, Provo, Orem, Ogden, Park City, Cedar City, St. George, and surrounding areas throughout Utah. We offer assistance regardless of your income or life stage, and we are committed to helping you make the most informed choices to achieve a secure retirement. To find out more about the different ways we can assist you with the retirement planning process, give us a call at (801) 981-4437 or contact us .