Long Island elder law lawyers help you with making plans for your future. Many people know that elder law attorneys help you to plan for end of life issues and help you to secure your legacy. However, this is not the only type of help that attorneys can offer. Mark S. Eghrari & Associates, PLLC can also provide you with assistance making a retirement plan.
Retirement planning is something everyone needs to do, and it is something that too few people do correctly. It is common for people to spend little time on making a retirement plan, and it is also common for people to reach retirement age with little or no savings.
Because defined benefit pension plans — plans in which employers provide you with income during retirement — are becoming increasingly uncommon, it is incumbent upon you to make plans to have a nest egg that can sustain you during your golden years. You should reach out to Long Island elder law lawyers at Mark S. Eghrari & Associates, PLLC today to find out how our firm can help you with your retirement plan.
Retirement Planning Mistakes You May be Making
Some of the top retirement planning mistakes that you may be making include:
- Saving too little: According to USA Today, most people believe that they need to save around 10% of their income for retirement. Unfortunately, this is likely too low of an amount given interest rates, projected lower returns on stocks, and longer life expectancies.
- Investing in the wrong type of accounts: You should have your money invested in accounts that provide you with tax breaks for retirement savings. If you have a 401(k) at work, this is a great way to make tax-free investments since you can enroll easily by filling out paperwork with your human resources department. However, there are also other options. For example, you can invest in an IRA instead of or in addition to a 401(k), depending upon your household income.
- Not having a plan for saving: If you do not know how much you will need to retire, it can be difficult to make a decision about how much you should save. It is also hard to know whether or not you are on track for saving. You should talk with an experienced attorney to find out how you can set goals for saving for retirement that will allow you to invest enough money to live on comfortably as a senior.
- Forgetting to plan for healthcare expenditures: Medicare does not cover many types of costly care you may need as a senior, including long-term care or nursing home care. You should work with an elder law attorney to make sure you can get your costs covered if you have expensive medical issues and Medicare won’t pay for the services that you require. Medicaid can provide coverage for things like long-term care or nursing home care, but you’ll need to take steps to protect your assets if you want to qualify for means-tested Medicaid benefits without impoverishing yourself first.
Mark S. Eghrari & Associates, PLLC will help you to avoid these mistakes and many other errors you may make during the retirement planning process. Our Long Island elder law attorneys can assist you with setting retirement planning goals that are appropriate for your life stage, and with using tax-advantaged accounts like IRAs to make it easier for you to save enough for retirement by taking advantage of tax breaks.
Getting Help from Long Island Elder Law Lawyers
Long Island elder law attorneys at Mark S. Eghrari & Associates, PLLC will guide you through the process of making a plan for a secure future, no matter how old you are, how many assets you currently own, or what your income situation is. We can also provide you with assistance in protecting the nest egg that you’re building and in taking step to secure your legacy so you can transfer assets to your loved ones when you pass on.
To find out more about how our firm can help with your retirement planning process, join us for a free seminar. You can also give us a call at (631) 265-0599 or contact us online to begin putting a personalized plan in place. Starting when you are young makes it easier to save for retirement because you have much more time to take advantage of compound interest, so give us a call today to get your plan underway.