Retirement is a milestone many look forward to achieving. Having a financially secure retirement is not only desirable, but crucial for your legacy and well-being. Understanding retirement benefits in Warrendale is the first step to developing a comprehensive and solid retirement plan.
At Sechler Law Group, LLC, our elder law attorneys could help you create a strategy for your future. Our team understands the importance of a thorough estate and financial plan. Let us help you secure your legacy and a stress-free retirement.
Individuals have several options to plan for retirement. Depending on your situation, you can make contributions to a retirement plan through your employer, payroll taxes, or on an individual basis. Each option has different advantages and drawbacks.
Many employers offer 401(k)s and other retirement accounts, such as a pension plan. A 401(k) is a profit-sharing plan, and contributions can be placed into a traditional or Roth 401(k) account.
Contributions to a traditional 401(k) account are pre-tax. This means that contributions will not be taxed until the time of withdrawal. On the other hand, contributions to a Roth 401(k) are made with after-tax income, so there will be no tax at the time of withdrawal. It is important to note that early withdrawals from a 401(k) may be subject to penalties.
Individual retirement accounts (IRAs) allow you to invest funds and make contributions on your own timeline. There are various IRA types including Roth, traditional, SEP, and simple. The appropriate type will depend on your situation and the tax advantages you are seeking.
Like a Roth 401(k), withdrawals from a Roth IRA are not taxed. However, early withdrawals may be subject to penalties.
Another popular type of IRA is a simplified employment plan (SEP) IRA. A SEP IRA allows business owners and self-employed individuals to contribute pre-tax dollars into an IRA. A SEP IRA has a higher contribution limit than a Roth, but distributions will be taxed.
If you have contributed to the Social Security system through payroll taxes, you may be eligible for Social Security retirement benefits. Your monthly benefits will depend on your age and your contribution amount. For widows and widowers, they may be eligible to receive their spouse’s Social Security benefits.
Choosing when to begin drawing Social Security and understanding the amount of your benefits is essential to planning for retirement. A Warrendale lawyer could help you understand your Social Security benefits and how they work with your retirement plan, as well as other retirement benefits.
Planning for retirement demands a comprehensive approach. While starting these plans early is recommended, it is never too late. Our attorneys may review your financial situation, determine your options, and create a retirement strategy.
A thorough review of your options and your financial situation could be beneficial to creating a path forward. It is important to know when you can retire and what your monthly benefits will be during your retirement. In addition, you will want to understand your healthcare and insurance options after retirement.
Working and saving for retirement is crucial to a comfortable and stress-free retirement. Determining your retirement benefit options and strategy is a major part of these plans. Our skilled attorneys at Sechler Law Firm, LLC may assist you with creating a comprehensive retirement and estate plan.
Planning for your future is crucial to protecting your finances and legacy. Talk to a dedicated lawyer from our firm about retirement benefits in Warrendale. Click here to come to an elder law workshop.
