You may not be thinking about retirement yet, but it is the perfect time to start. At Anderson, Dorn & Rader, Ltd., we have the knowledge and experience in retirement planning to help you sort through the many options available for your golden years. Whether you are considering IRAs, annuities, 401(k)s, the laws regarding retirement accounts and related tax issues are always changing. Our firm stays on top of those changes so that we can provide the advice you need to plan for your future.
What retirement options are available in Nevada?
The attorneys at Anderson, Dorn & Rader, Ltd. are ready to review retirement plans with our clients in Reno and throughout Nevada and explain the advantages and disadvantages of the options that are available. With our assistance, you can create a retirement plan that is tailored to you and your family. Our basic retirement planning services include:
- Beneficiary designations
- Incorporating retirement goals into an estate plan
- Early withdrawal from retirement plans
- Pension plans
Part of retirement planning includes deciding who the beneficiaries of your retirement assets will be, which can have significant tax consequences. Retirement planning and estate planning should be done together, as your retirement plan will also play a role in the future support of your heirs. Retirement planning allows you to arrange your retirement assets in a way that will later benefit your surviving spouse and family, just as your estate plan will.
Reno Nevada IRA and Retirement Planning
What steps should be taken in preparing a retirement plan?
You should begin by surveying your assets to determine the extent of your savings, investments, property, and other personal or financial assets. In doing so, you can begin to organize important documents, such as wills, trusts, deeds, and life insurance policies. Next, determine what your goals are for establishing financial security and for supporting your family for generations to come.
Rules and regulations governing retirement accounts
Individual retirement accounts (IRAs) and 401(k)s are governed by a complex set of rules and regulations, which determine how long the account can be held before cashing it in and the amount of taxes that will be owed, among other things. With appropriate planning, an IRA or 401(k) can actually surpass the original inheritance amount, which would be an obvious benefit to your loved-ones.
The consequences of not having a Retirement Plan
What many people do not realize is, cashing in an IRA or 401(k) immediately can result in significant state, federal and even estate taxes. At Anderson, Dorn & Rader, Ltd., we know how to put your retirement benefits to work for you and your family. We are experienced at using different retirement planning strategies designed to spread out tax payments and increase the growth of your retirement account. Designating a beneficiary is just the first step. Retirement planning also requires protection of your assets from unnecessary taxes and expense.