Making a financial plan is vital if you want to be able to build wealth. Many people make more than a million dollars over the course of their lifetime, but end up with nothing to show for their wealth because they did not have a plan to save. If you want to enjoy your retirement with a healthy nest egg in the bank and you want to leave a legacy behind for your loved ones or for causes that you care about, you’ll need to make your money work for you.
Nirenstein, Horowitz & Associates can help. Our legal team can assist you with developing a comprehensive financial plan and with protecting the assets that you acquire through your hard work and your dedication.
To find out more about the ways in which our firm can help with all of your financial planning needs, give us a call at 860-548-1000 or contact us online today. You can also review some answers to frequently asked questions listed below so you can find out more about what is involved in financial planning and what tools you can use to help you achieve your money goals.
What types of IRAs can a self-employed person invest in?
Virtually everyone needs to take advantage of financial accounts that provide tax breaks for retirement. It can be especially important to make effective use of these types of accounts if you do not have access to a 401(k) or a pension at work. For people who are self-employed and who end up being responsible for taking full control over their retirement security, finding ways to maximize your savings is vital.
An IRA, or Individual Retirement Arrangement, provides tax breaks for investing. There are different options for IRAs for the self-employed, including a traditional IRA, Roth IRA, Simple IRA and SEP-IRA. Each option can have different pros and cons depending upon your income, your likely future tax bracket, whether you have employees, and a variety of other factors. Nirenstein, Horowitz & Associates can help you to select the best type of IRA for you.
How can you know if you’re ready to retire?
Many people make a financial plan so they can save enough for a secure retirement, so it’s important to know how you can tell if you’re ready to retire. There are a number of key signs that you are not yet ready for retirement, including not having enough savings to provide you with income once you stop working, as well as still being in substantial debt when you are thinking about retiring. If you owe a lot of money or you don’t have a generous financial cushion, you may not be ready to retire and could benefit from working longer while you still can.
How much do seniors need to save for healthcare costs during retirement?
If you want to make a financial plan, you need to know how much your target savings actually is. You need to consider many different things when deciding how much money you want to save, including the income you will need during your retirement so you can live comfortably.
Unfortunately, when many people consider how much money they will need during retirement, they do not accurately assess how much seniors need to save for healthcare costs during retirement. Seniors may need to spend a substantial amount of money for their care costs, especially if they suffer from any serious ailments. For example, a couple who has prescription drug spending in the 90th percentile would need to save as much as $350,000 for medical care costs if they wanted a 90% chance of being able to pay for their care.
The high cost of care is one big reason why you need to begin making a financial plan early and why you need to work with an experienced attorney to build up savings and to protect assets in case of a serious and costly health issue.
Why do you need to get financial planning assistance?
Getting financial planning help is vital because it is difficult to know exactly what you should be doing to build and protect your wealth. Nirenstein, Horowitz & Associates can help you to set money goals, can assist with taking advantage of accounts that provide tax breaks to make achieving those goals easier, and can help you to protect the wealth you have worked so hard for.
To find out more about what is involved in making a personalized financial plan and to learn how our legal team can help you, give us a call at 860-548-1000 or contact us online today.