Retirement Planning
Retirement Planning
Dedham Retirement Planning Attorney
Customized Solutions Tailored to Your Goals
It’s never too early to plan for retirement, even if it seems far away. This is because the sooner you save for retirement, the more financial stability you will have in your non-working years. As such, adults can significantly benefit from retirement planning with the help of an attorney.
Although it’s always a good idea to consult with a professional about your retirement plan on an annual basis at the very least, you will want to get in touch with your attorney right away if you:
- Get a new job
- Get married or divorced
- Purchase or move into a new home
- Have children
- Become disabled
- Get a raise or promotion
- Experience a significant financial change
- Want to become more involved in managing your retirement plan
Retirement planning is for everyone, no matter their income. It is a comprehensive process that encompasses long-term care planning, asset protection, and estate planning, among other elements, depending on your unique circumstances. As such, our Dedham retirement planning lawyer takes the time to listen to our clients’ goals and evaluate their situation before crafting personalized strategies and solutions on their behalf. Retirement planning is a long-term goal-oriented process that should help you reach financial stability when you no longer work, so allow us to help you get there!
Get Guidance From a Legal Team That Focuses Exclusively on Estate Planning
How The SECURE Act May Impact You
Effective January 1, 2020, the Setting Every Community Up for Retirement Enhancement (SECURE) Act is intended to help workers of all ages save for their retirement while easing the administrative obligations for employers. To accomplish this objective, the SECURE Act changed several retirement account rules that may very well impact you, but for the better.
We highlight some key elements of the SECURE Act below:
- Raises the required minimum distribution (RMD) age for IRAs and other qualified retirement accounts from 70 ½ to 72
- Eliminates the age restriction for IRA contributions
- Allows long-term, part-time employees to participate in 401(k) plans
- Allows for penalty-free withdrawals of up to $5,000 per child for birth or adoption expenses from qualified plans
- Allows withdrawals from tax-advantaged 529 accounts for student loan repayment, up to $10,000 a year
- Expands lifetime income strategy options
- Removes the stretch IRA provision and instead, require non-spouses to fully payout their inherited IRA within 10 years of the account holder’s death
- Allows 401(k) plans to offer annuities
We encourage you to speak with our retirement planning attorney about how the SECURE Act specifically impacts you and your family, as every situation is different and requires effective legal counsel.
To learn about how our firm can best serve you, please contact us online or at our number. We look forward to hearing from you!
Get Guidance From a Legal Team That Focuses Exclusively on Estate Planning
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 (781) 329-1060!
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