IRA & Retirement Planning
Many people dream of retirement as a time to travel, to spend with their loved ones, and to enjoy indulging in hobbies. Unfortunately, if you have not planned ahead for your retirement, your golden years could be a time of financial worry. You don’t want to be left without the money to live your dreams as you get older, and you don’t have to be if you create a plan when you are younger.
Vermillion Law Firm, LLC provides assistance to people at all phases of life with IRA and retirement planning. The sooner you begin to create your plan, the more compound interest can work in your favor to allow you to build a nest egg that protects you from financial worry as a senior. We can assist you with making informed choices at the start of your career, in middle age, when retirement has arrived, and every time in between. Give us a call to find out how we can help you and to get answers to key questions including:
- What is involved with IRA and retirement planning?
- Why is IRA and retirement planning important?
- How can a Dallas, TX retirement planning lawyer help you?
What is Involved with IRA and Retirement Planning?
The specific steps you want to take for IRA and retirement planning can vary depending upon what phase of life you are in. Seniors will need to focus on different things as they make sure their retirement income lasts, while young people will primarily be focused on building their nest egg. Vermillion Law Firm, LLC has advice at all steps in your journey towards retirement. Some of the different things which may be involved in your retirement plan which we can assist with include:
- Determining what amount of money you will need to save for financial security in retirement. This is based on your current income, your current age, your expected age at retirement, and a variety of other factors.
- Determining how much to set aside to save the desired amount of money you need for a secure retirement.
- Exploring accounts including Roth-IRAs, traditional IRAS, Simple IRAs, and SEP-IRAs so you can select the right account type. Each of these accounts are tax-advantaged and provide special protections, but they have very different rules governing investments and taxation.
- Maximizing the value of your investment dollars. Through choosing the right type of accounts with the best tax breaks for you, you can make your retirement money go further.
- Understanding income limitations on IRAs. There are different rules for how much can be invested depending upon the type of account you choose. A Dallas IRA lawyer can help you to determine what you are allowed to contribute.
- Understanding rules for withdrawals. Seniors have to follow strict guidelines for taking money out of retirement accounts to avoid taxes and penalties. Seniors should also ensure they do not withdraw too much so they jeopardize financial security later in their retirement years.
Why is IRA and Retirement Planning Important?
Today, many people do not stay at their jobs over the course of an entire career. The days of defined pension benefits provided by a trusted employer are gone for most workers. Social Security benefits do provide some protection from poverty during retirement, but benefits are limited and there is no guarantee Social Security will be around for future retirees.
With pension and social security income available or uncertain, it is imperative you take control of your own retirement destiny. You need to ensure you are making smart and strategic investment choices so your money is protected, faces minimal taxes, and is able to grow big enough to provide for you during your golden years. Vermillion Law Firm, LLC will help to make that happen. You need to get advice from attorneys who understand the laws and who will help you to take advantage of the legal tools to save and grow your retirement funds.
How Can a Dallas TX Retirement Planning Lawyer Help?
Vermillion Law Firm, LLC provides representation to people of all ages and at all income levels who are serious about a secure retirement and who want knowledgeable guidance and advice. The assistance we offer is tailored to your situation, so give us a call today at (972) 366-7201 to find out how we can help you.
John R. Vermillion is also licensed in Tennessee and Oklahoma