Hartford elder law attorneys can help you to make plans to achieve a more secure future by growing your assets, protecting your wealth, and determining what happens to your assets after you are gone. Elder law attorneys don’t just help older people with these issues – if you want to be financially secure and if you want to get the maximum protections and benefits available under the law, you will need to take smart steps when you are younger.
In particular, one of the key issues that you need to address with help from an elder law attorney when you are young is the issue of retirement savings. Most people are woefully behind on saving for retirement, with the average 55-64 year old having just $104,000 saved, which is only enough to produce $310 in monthly income, according to Investopedia. If you want to be financially comfortable when you’re older, or at least not spend your retirement years struggling with money, you need to make smart plans for saving for retirement so you can save much more than average.
Nirenstein, Horowitz & Associates can help. Our Hartford elder law attorneys will assist you in taking advantage of tax breaks that you can earn for putting aside money for your own future. By investing in tax-advantaged retirement accounts, the government will help to subsidize your savings and you will be able to more easily invest money to provide for yourself after you are no longer working. Give us a call today to get your retirement plans in place now so you won’t fall behind on achieving the financial security you deserve as a senior.
Tax Breaks for Retirement Savings
There are many different kinds of accounts that will provide you with tax breaks for retirement savings, and your access to these accounts could depend upon factors including the type of retirement plan that your employer offers at work, whether your spouse has access to a workplace retirement plan or not, and your household income.
One of the most common types of accounts that provides a tax break is a 401(k). Many American workers have an employer-provided 401(k) account, although sole proprietors and certain small business owners can also create their own 401(k). A 401(k) allows you to invest with pre-tax funds and, depending upon your company, your employer may match some or all of the contributions that you make to a 401(k).
In addition to a 401(k), there are different kinds of IRAs available that provide you with tax-advantaged retirement savings options. You could choose between a traditional and a Roth IRA, for example. A traditional IRA is an IRA that you invest in with pre-tax funds. A Roth IRA, on the other hand, is an IRA you invest in with after-tax dollars. The big benefit to opting for a Roth IRA is the money you invest can grow tax free. As long as you follow the rules, like not taking money out of an account that is too new, you should be able to benefit from substantial tax savings when you withdraw money – including money from investment gains – and do not have to pay the typical taxes that would be due on a withdrawal from a non-Roth account.
Self-employed individuals also have additional IRA options, including SEP-IRAs and Simple IRAs. These options can sometimes make it possible for a self-employed person to invest more than would otherwise be tax deductible for an IRA investment.
Getting Help from Hartford Elder Law Attorneys
Hartford elder law attorneys will assist you with setting retirement savings goals and identifying the different kinds of accounts you should be investing in so you can have enough money set aside as a senior. We work with you to take advantage of all tax breaks that could potentially be available to help you save as much as possible for your retirement, and we assist you with complying with all rules associated with investment in tax-advantaged retirement savings accounts.
To find out more about how we can help you with retirement savings and with a wide variety of other financial matters, join us for a free seminar. We also help seniors to prepare for retirement in other ways, including by taking steps to protect themselves from financial loss if they become incapacitated or if they need costly nursing home care. To learn more about all of the different services we can provide to seniors, give us a call at 860-548-1000 or contact us online to talk with experienced Hartford elder law attorneys to find out more about how our firm can help you.