Anderson, Dorn & Rader, Ltd
Anderson, Dorn & Rader, Ltd
By the time they are in their 30’s, many people are already dangerously behind in saving enough for a secure retirement. If you do not begin saving when you are younger, catching up later could mean investing much more money. Worse, you may never end up with as much money as you would have if you had started sooner. This is why it is so important to talk with an IRA and retirement planning lawyer as soon as you can when your career begins.
Anderson, Dorn & Rader, Ltd. work with people who are embarking on their professional lives and who want to make smart choices from day one with their retirement plans. Our Reno retirement planning lawyers also provide assistance to people throughout their lives to ensure that they take age-appropriate steps toward a secure retirement. We also ensure that the steps you take within your retirement plan work in harmony with your overall estate plan.
If you are a senior who wants to make your nest egg last, someone who needs help catching up on retirement savings, or a saving guru who wants help protecting your retirement wealth, our firm can help you. Give us a call today to talk with an attorney and get personalized assistance as well as answers to questions you have about IRAs and retirement planning.
Retirement Planning Isn’t What It Used to Be
There was a time when retirement planning referred to deciding where you wanted to live when you retired. That’s because a retiree could expect to live comfortably on the income generated from an employer-sponsored pension coupled with Social Security retirement benefits. Unfortunately, those days are long gone. Today, employer-sponsored pensions are rare and Social Security retirement benefits have not kept up with the cost of living increases, resulting in the need for pro-active retirement planning. Consequently, self-funded retirement options such as Individual Retirement Accounts (IRAs), 401(k)s, and other tax-deferred retirement accounts have become increasingly popular in recent years.
In direct response to the increased need for self-funded options, a wide variety of IRAs and other retirement accounts have evolved. With new options popping up on a regular basis, the tax rules and regulations as well as state and federal laws that govern them become increasingly difficult to understand and navigate. For example, do you know the difference between a tax-free and a tax-deferred retirement account? Do you know when you are allowed to begin distributions from your retirement accounts? How about when you must begin distributions to avoid penalties? When are those distributions taxed and how do you report them? Because the answers to all those questions will directly impact your retirement plan and your estate plan, it is imperative to work with an attorney who knows the answers.
The Relationship between Your Retirement Plan and Your Estate Plan
During the early part of your working years you may keep your estate plan and your retirement plan completely separate; however, as you near retirement age, it becomes increasingly important to integrate those two plans. Your retirement plan has a fairly narrow goal of providing you with sufficient income to live comfortably during your “Golden Years” while your larger estate plan has a broader goal of preserving your assets so they can be passed down to your loved ones at the end of your life. Although the two are not competing goals, they do need to work in harmony with each other for both to be successful. Withdrawals from your retirement plan, for example, can cause undesirable tax consequences that impact your overall estate plan. The key to ensuring that you have sufficient income in the short run, while still protecting your assets in the long run, is to work closely with an experienced attorney who can help you integrate your retirement plan with your estate plan.
Contact a Reno IRA and Retirement Planning Lawyer Today
Retirement planning is more complex and complicated than ever before, increasing the need to plan early and plan well. As the tax rules and regulations that apply to IRAs and other tax-deferred retirement accounts change, your retirement plan must be updated accordingly. Finally, your retirement plan should work together with your estate plan to preserve and protect your assets. The retirement planning attorneys at Anderson, Dorn & Rader, Ltd. understand the complex and ever-changing tax laws that impact your retirement plan. We are dedicated to ensuring your retirement plan provides you with financial security during your “Golden Years” without depleting your entire estate. Give us a call at 775-823-9455 or contact us online to find out more.