Henderson Retirement Planning Lawyer

Henderson Retirement Planning Attorney

It’s never too early to start planning for retirement. No matter what phase of life you’re in or what plans you have in place, it’s wise to seek guidance from a professional Henderson retirement planning lawyer. A trained attorney can help make sure you’re handling your money correctly and provide legal advice to maximize your assets, transfers of wealth, and tax breaks.

Types of Retirement Accounts

There are a handful of retirement plans from which you can choose to bolster your savings and protect your assets. The three main accounts you’re likely to hear about are:

• • Traditional IRAs. Individual retirement arrangements (IRAs) are retirement accounts built from pretax income, which means you aren’t required to pay taxes until the time comes to withdraw funds. Your contribution limits can change every year, so it’s important to stay informed and take advantage of all your retirement savings options.An easy way to ensure you’re staying on top of limits and other potential changes to your account is to work with a Henderson retirement planning lawyer. At Ken R. Ashworth & Associates, we offer comprehensive legal advice and guidance so you can get the most out of your savings.
  • Roth IRAs. Alternatively, Roth IRAs are built from income after taxes. Since the money is already taxed, you won’t have to pay taxes when you withdraw funds. This gives you access to tax-free income once you’ve started your retirement.Contribution limits for Roth IRAs can also vary from year to year. By working with a Henderson retirement planning lawyer, you can have peace of mind knowing you’re getting the most out of your money every year.
  • 401(k) plans. Money in a 401(k) is taken automatically from your pretax income, and those funds continue to grow tax-free. Many employees match contributions to max out their 401(k) and get the most out of those funds down the road.

There are a variety of other retirement plans for which you may be eligible depending on your current job and other circumstances, and a Henderson retirement planning lawyer can help you look through them. Some of these include:

• • • 403(b) plans
    • 457 plans
    • Defined benefit plans
    • ESOPs (Employee Stock Ownership Plans)
    • Governmental plans
    • Money purchase plans
    • Multiple employer plans
    • Payroll deduction IRAs
    • Profit-sharing plans
    • SARSEP plans (Salary Reduction Simplified Employee Pension)
    • SEP plans (Simplified Employee Pension)

Your Retirement Checklist

Planning for your retirement is key to being comfortable and secure. Whether you’re months or years away from entering this stage of your life, you can benefit from making a plan for your income. Here are some simple steps to follow to get you ready for retirement:

• • • Outline your goals. Before you can start making moves toward your retirement, you have to establish goals for yourself and your future. Your goals can be as simple as wanting to try new hobbies and spend quality time with loved ones, or they can be more involved, such as wanting to travel the world or leave a legacy through your estate.Whatever your goals, it’s important to define them so you can make calculated moves toward them instead of blindly going through the motions.
    • Determine your needs. Even though you’re not working anymore, your expenses don’t stop. One crucial step in retirement planning is figuring out what your financial needs will be once you are retired. Some of your main retirement expenses will include food, healthcare, housing, insurance, and any additional funds for living your life to its fullest.Take some time to create a detailed budget, estimating the amount of money you’ll need each year. If you’re not sure where to start, a Henderson retirement planning lawyer can help you sort out the details.
    • Plan for healthcare costs. While Medicare can take care of a good portion of your healthcare expenses, it’s possible you may still need some sort of supplemental insurance to be covered completely.You’ll especially need another plan in place if you intend to retire early, as most people won’t be eligible for Medicare until they are 65 years old. Some people also choose to have a dedicated health savings account (HSA) to take care of out-of-pocket costs.

      Working with a Henderson retirement planning lawyer can help you better understand your healthcare needs so you can prepare for these expenses in your budget.

    • Develop an income strategy. In addition to covering your healthcare costs, it’s important to have a solid budget in place for the rest of your life in retirement. For starters, you can identify your income sources, including your personal savings, pensions, retirement accounts, and Social Security benefits.From there, you can determine your withdrawal strategy for your funds so you don’t go through your savings too quickly. It’s important to account for inflation when it comes to deciding how you’re withdrawing your funds to avoid future financial distress.

How to Start Preparing for Retirement

No matter what stage of life you’re in, it’s never too early to plan for your future self. There are plenty of simple ways to prepare for your eventual retirement. This includes:

• • • Increasing 401(k) contributions
    • Planning for the “what ifs”
    • Saving as much as you can

Reach out to a Henderson retirement planning lawyer for additional legal guidance when it comes to planning for your retirement.

Benefits of Working With an Experienced Henderson Retirement Planning Lawyer

As you enter this retirement era of your life, it’s important to focus on your health, your family, your purpose, and your finances. Our trusted team at Ken R. Ashworth & Associates can help you take care of your assets so you can have peace of mind knowing you’ll be secure through your retirement. That way, you can focus on finding your new purpose and making the most out of this new chapter.

Start Planning Your Retirement With Our Trusted Attorneys at Ken R. Ashworth & Associates

Our full-service staff has experience working with all types of clients throughout the greater Las Vegas area, and confident we can help you with everything from offering legal advice and assisting with retirement accounts to working on issues with annuities, ERISA benefits, and other pensions.

If you’re ready to start planning for your future, the next step is simple. Reach out to our office to set up a meeting to discuss your needs with a Henderson retirement planning lawyer you can trust.