Retirement can be either an exciting time in one’s life or frightening period of financial instability. If you are not adequately prepared for the future, you’re taking a huge gamble. Proper retirement planning helps you maintain your pre-retirement lifestyle and perhaps allows you to retire earlier than anticipated. To get started, talk to a Louisville asset protection attorney.
- Save, save and save some more. Set savings goals. Reward yourself every time you hit a major milestone.
- Create an estate plan. Don’t leave your children and relatives stranded in the event of your passing or incapacitation. Contact a New Albany estate planning lawyer to draft wills, trusts, medical directives and other essential estate planning documents.
- Make smart investments. Diversify your funds. Consult with an accountant and an attorney to find out which investments make sense for your net worth and income.
- Take advantage of a 401K. If your employer offers a 401K plan, contribute as much as you can.
- Put money into an Individual Retirement Account (IRA). You can put up to $5,000 per year in an IRA. If you are over 50, you can contribute more. There are major tax benefits to utilizing an IRA.
- Find out about Social Security. Social Security pays retirees an average of 40% of pre-retirement earnings. Contact the Social Security Administration to find out if you qualify.
Brightwell Elder and Probate Law helps individuals and couples adequately plan for their retirement through comprehensive estate plans, asset protection, guardianships, Medicaid planning and more. Our firm focuses on elder law issues in Kentucky and Indiana.
