Benefits of Retirement Planning
Believe it or not, far too many Americans don’t have much retirement savings, if any. This has been an ongoing crisis in the US, but with the SECURE Act in place, we hope citizens feel more incentivized to plan for their retirement. Why?
Retirement planning has several benefits, some of which include:
- Ensures you have enough funds to support your standard of living when you stop working
- Helps reduce taxable income
- Allows regular contributions to significantly grow over time through interest
- Helps improve financial security in retirement
- Contributions and investment gains are not taxable until they’re distributed
- Helps protect assets and property from claims
- Serves as a safety net for unpredictable financial situations
Common Retirement Plans
With these benefits in mind, our lawyer can guide you through all available retirement plans to help you identify the most suitable option for you and your long-term goals.
The types of retirement plans include:
- Individual Retirement Arrangements (IRAs)
- Roth IRAs
- 401(k) Plans
- 403(b) Plans
- SIMPLE IRA Plans (Savings Incentive Match Plans for Employees)
- SEP Plans (Simplified Employee Pension)
- SARSEP Plans (Salary Reduction Simplified Employee Pension)
- Payroll Deduction IRAs
- Profit-Sharing Plans
- Defined Benefit Plans
- Money Purchase Plans
- Employee Stock Ownership Plans (ESOPs)
- Governmental Plans
- 457 Plans
We want to give you a clear, accurate understanding of how each retirement plan could impact you and your beneficiaries. Choosing a retirement plan is no simple decision, so we urge you to choose wisely by hiring an attorney to guide you through the process. When you turn to our firm for guidance, you can walk away feeling more clarity and peace of mind knowing you have a plan of action in place.
Begin planning for your future with a dedicated law firm in your corner. To learn more, please contact us at (888) 743-7671!