Burlington elder law attorneys can provide assistance in saving for retirement and in protecting your retirement nest egg. Unfortunately, many people do not have enough money saved for their retirement. This can leave people working longer than they want to, or facing substantial financial hardship during their senior years. You do not want to end up in a situation where you have inadequate savings, so it is important to find a way to ensure you’ve saved what you need to.
The Law Offices of James A. Miller, P.C. can provide guidance on planning to grow and protect your nest egg. We provide the advice that you need to save for a secure retirement no matter what your income or age. Our legal team can help you to create a plan that fits your situation and maximizes your chances of being able to have financial security as a senior. Give us a call to find out more.
Why Don’t Most People Save Enough for Retirement?
According to Time, one out of every three Americans has not saved anything at all for retirement. Even among people who have begun to save, the savings is not enough for most Americans, 56 percent of whom have less than $10,000 saved to support them when they are no longer in the workforce.
For those who are very close to retirement age, the statistics don’t look much better. Only one in four people has at least $300,000 saved for retirement. Those with less savings will have to be very careful to try to make their money last. For the three in 10 people aged 55 and older who have no retirement savings at all, it is essential to start at least putting aside some money because it is difficult or impossible to live on Social Security alone.
There are a lot of reasons why people don’t save enough for retirement. Many people get started too late. If you start young, you can save smaller amounts and compound interest will help your nest egg to grow dramatically. Many people also have a difficult time coming up with money to invest for retirement. If you’re living paycheck-to-paycheck, it can be hard.
It is important to pay yourself first, at least small amounts, and to take advantage of tax breaks and a 401(k) match that could potentially help make it easier to save enough. The sooner you start saving, the less you’ll need to actually put aside and the more likely it is that you’ll be able to build up a substantial retirement account.
What Can You do to Grow and Protect Your Nest Egg?
Burlington elder law attorneys at The Law Offices of James A. Miller, P.C. can help you to set retirement savings goals and can assist you in making certain that you are using the right legal tools – like IRAs – to help you set aside enough money to live on when you are older. IRAs and other tax-advantaged accounts give you tax breaks for investing for retirement so the government ends up essentially subsidizing your savings.
It is also essential that you protect all of the money that you have saved as a senior. This means that you’ll want to find ways to get nursing home care costs covered without having to spend all of the money you painstakingly put aside as part of your retirement planning process. An attorney can provide you with assistance making a plan to get long term care costs covered. This could include making a Medicaid plan so Medicaid will pay for your nursing home costs without you having to spend down assets.
Finally, you want to ensure you’ve made appropriate plans for the management of your retirement assets in case of incapacity, and you’ll want to determine what happens to those assets after you have passed away, as remaining balances in retirement accounts can be transferred to chosen beneficiaries.
Getting Help from Burlington Elder Law Attorneys
Burlington elder law attorneys can help you to understand what your options are for making a retirement plan that will give you financial security when you are older. Don’t allow yourself to get into a situation where you have insufficient funds for retirement and you must struggle financially throughout your senior years. Make the right plans as early as you can in your career, as it is much easier to save enough for retirement if you start when you are young.
The Law Offices of James A. Miller, P.C. will assist with making a plan, taking advantage of tax breaks for savings, and making an asset protection plan to protect yourself during your golden years. Give us a call at 866-370-3888 or contact us online to talk with our legal team for personalized advice.
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