Elder law attorneys help people with a surprising array of issues which go far beyond just making plans for your legacy or making plans for the end of your life. One of the key ways that elder law attorneys provide help to clients is with financial planning. At Nirenstein, Horowitz & Associates we can assist you in setting and accomplishing financial goals and in taking steps to protect assets that you have worked hard to acquire over your life.
You likely have a lot of financial goals, but one of the most important of those goals is having financial security during retirement. Living on Social Security alone is not an option, as the Motley Fool reports that the average monthly Social Security check is just $1,341. You’ll need to be sure that you save up a substantial nest egg of your own so you can earn income from your investments and not have to worry about spending the investment account down too quickly and ending up with nothing.
Nirenstein, Horowitz & Associates can help. Our elder law attorneys will assist you in determining how much income you need for retirement and will help you to create a plan to use tax-advantaged savings accounts like Individual Retirement Arrangements (IRAs) to achieve those savings goals. You should give us a call as soon as possible, preferably early in your career, so you can set your savings goals when you are still young and so you can make contributions to tax-advantaged accounts throughout your lifetime so you get as much government help as you can with saving for your secure future.,
How Much Should You Save for Retirement?
The amount you must save for retirement is going to vary depending upon your specific circumstances. If you plan to live lavishly during retirement, you are going to need to save a lot more money than if you plan to be frugal. However, even if you don’t intend to spend a lot of money traveling the world, many seniors face high costs that are not optional – such as costly medical care and healthcare services that they need to handle serious medical conditions.
While some experts suggest that you will spend less during your retirement than you do when you are working, there are other financial professionals who say that your spending could actually go up both because of higher healthcare costs but also because you will have more time to travel and to indulge your hobbies. You should consider what you want your budget to be during retirement, and be as detailed as possible in determining what you expect to spend, so you can get a clearer idea of what you want your total nest egg to look like.
You’ll also need to consider what other sources of retirement income you will have, outside of your savings. If you have a pension from work that gives you guaranteed income, saving for retirement on your own won’t be as difficult as if you are entirely on your own since your pension can supplement your savings. You should add up how much your Social Security payments will be, what the value of any pension income you’ll have is, and whether you’ll have any other steady sources of income in retirement, such as money from a rental property or a trust you inherited.
When you have an idea of other sources of income and you have an idea of your spending, then you can subtract your projected spending from your projected sources of guaranteed income, like Social Security. This will show you how much money your retirement investments need to generate and, from there, you can decide how much you need to save for your investments to produce an appropriate amount of income each month.
Getting Help from Elder Law Attorneys
Since deciding how to plan for your retirement is a very personal decision that will depend upon your goals, your current financial situation, and your access to a workplace pension or retirement account, you need to get personalized advice on this important issue. Nirenstein, Horowitz & Associates is here to provide that advice.
Our elder law attorneys can work with you to create a plan that is right for your lifestyle, both now and in the future. We can also help you to take steps to protect the assets that you acquire as you grow your nest egg and can work with you to ensure that your wealth is able to pass on to the next generation after you are gone.
To find out more about the many ways in which our legal team can help you to achieve a more secure retirement, join us for a free seminar. You can also give us a call at 860-548-1000 or contact us online to get started on creating your personalized retirement plan so you can get on the path to becoming a financially secure senior.