Hartford elder law attorneys provide you with invaluable help preparing for the future. One of the things that elder law attorneys can provide help with is preparing for retirement. Planning ahead to retire when you want to is important because you need to take steps to make sure you have the money to retire. You also need to address other issues that could affect your retirement, such as healthcare issues.
Nirenstein, Horowitz & Associates can provide personalized advice on creating a retirement plan. We can help you when you are younger so you can decide how best to save and take full advantages of tax breaks for retirement savings. We can also provide you with assistance as you approach retirement age and begin considering when you will leave the workforce. You should reach out to our experienced legal team as soon as possible to find out more about how we can help you with preparing for your future as a retire.
How Hartford Elder Law Attorneys Help You Prepare for Retirement
Hartford elder law attorneys can provide you with assistance in many different ways to prepare for a secure retirement. Some of the help that Nirenstein, Horowitz & Associates can offer includes:
- Investing for retirement: There are special accounts that provide you with tax breaks for retirement investing. For example, you can invest in a traditional IRA and will get an upfront tax break at the time you invest since you can deduct the money you contribute from your taxes in the year that you make the contribution. You could also invest in a Roth IRA, which would mean you invest with after tax dollars but are able to withdraw money without incurring taxes. Nirenstein, Horowitz & Associates can help you to determine which of these accounts is right for you and can assist you in understanding the rules for IRA investing including income limits and annual investment limits.
- Protecting your wealth: You need to ensure that your retirement nest egg is as safe and secure as possible. You also want to protect other assets as you move forward into your retirement years. Nirenstein, Horowitz & Associates can help you to identify top risks you face based on your specific situation and can assist with the creation of an asset protection plan. For example, if you are a small business owner, you’ll need to make a plan to protect personal wealth in case your company is sued. Hartford elder law attorneys can help you to identify risks to your wealth and take a proactive approach to minimizing the likelihood of loss.
- Making plans to afford medical care: Depending how old you are when you retire, you may get access to Medicare which begins providing coverage to most seniors once they have turned 65. However, if you retire before you’ve turned 65, you’ll need to make other plans for affording care such as buying private insurance. Once you’re 65, you still can’t count on Medicare to provide completely comprehensive coverage as Medicare doesn’t cover everything. In fact, Medicare won’t pay for long-term care or for nursing home care at all unless you require skilled nursing care, which isn’t the case for most people who need home healthcare or care in an institutional setting. Nirenstein, Horowitz & Associates can help you to ensure you can become eligible for means-tested Medicaid benefits when you need care that Medicaid covers but Medicare doesn’t.
These are just a few examples of many ways that Hartford elder law attorneys can assist you in being prepared to leave the workforce. There may be other ways a lawyer can assist you, given the specifics of your situation.
Getting Help from Hartford Elder Law Attorneys
Hartford elder law attorneys at Nirenstein, Horowitz & Associates will provide advice on IRAs and other retirement investing, will offer you tips on making sure you can afford medical care as a senior, will assist you in creating a plan to protect retirement assets, and will help you with all other issues related to retirement. You deserve to have financially security as a senior, and our compassionate and knowledgeable legal team will work with you to make effective use of the tools that will give you this security.
To find out more about how our firm can help you with retirement issues, join us for a free seminar. You can also give us a call at 860-548-1000 or contact us online to get personalized advice specific to your situation.