Although once intended to ensure that retirees had enough money to cover the basic necessities when they reached their Golden Years, Social Security payments have not kept up with inflation. In addition, fewer employers offer employer-sponsored pensions, leaving many workers tasked with funding their own retirement. For many people, this means contributing to an Individual Retirement Account (IRA). The Long Island estate planning attorneys at Eghrari Law Firm help you understand when you need to …
How Do You Stretch an IRA?
There is an old sing-along about this bone being connected to that bone. When it comes to financial planning, there is a similar type of interconnectedness. Your retirement plan is going to lead to a plan that addresses the expenses that you may face during your twilight years. The planning will ultimately culminate in the distribution of your estate to your loved ones. Retirement planning is typically going to include an individual retirement account. When you contribute into an individual …
How to Avoid Common Retirement Plan Mistakes
Americans hold huge sums in retirement plans; for many, their 401(k)s and IRAs make up the bulk of their retirement savings. You worked hard to build retirement savings – make sure you avoid these common mistakes: Failing to take distributions on time. Absent any other estate planning strategies, you must start taking distributions from an IRA at age 70 ½. If you don’t take the required distribution, you pay a 50% penalty on the amount you should have withdrawn. Delaying …
Is Chained CPI on the Way?
The executive branch has put together a budget proposal for the 2014 fiscal year, and it includes a conversion to a chained CPI to measure the rate of inflation. This measurement is utilized to determine how much senior citizens will receive as a Social Security cost-of-living adjustment. Expenses rise, and many of these seniors are living on a fixed income so adjustments are relied upon. To give you an idea about the extent of this reliance, according to the Social Security Administration …
Estate Planning Benefits of Roth IRA
Intelligent estate planning will involve looking at a holistic picture. It is not always as simple as drawing up a last will that splits up a pie made of liquidity. The wise course of action is to discuss everything with a licensed estate planning attorney who can evaluate your situation and make informed recommendations. With this in mind we would like to examine the estate planning benefits of a Roth individual retirement account. Because this is technically a retirement account you may …
Beneficiary Can “Stretch” Individual Retirement Account
The process of retirement planning can involve contributing into an individual retirement account over an extended period of time. With these accounts you can accumulate resources that you can utilize as a financial underpinning during your senior years. With the traditional IRA you make contributions before paying taxes. As a result, when you receive distributions eventually they are subject to taxation. Similarly, if there was a remainder in the account after you passed away your …
Have You Calculated Your Current Net Worth?
It is wise to look at your financial situation in a long-term and holistic manner. One thing leads to another, and there are different expenses that you are going to face as you reach different plateaus during your life. If you work with an experienced attorney who has a background helping people who are planning for retirement as they simultaneously shape a fitting legacy you will have a cogent framework to guide you. Everything that you do in the present impacts the future, and this is …
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