When it comes to planning for retirement there are a number of decisions that must be made. One of the most important of those decision is when to retire. More specifically, when to start accepting Social Security retirement benefits. Although it may be tempting to start accepting those benefits as early as possible, a Los Angeles elder law attorney at Collins Law Group explains how early retirement may cost you a small fortune. Social Security Retirement Benefits The Social Security … [Read more...] about Early Retirement May Be Costing You a Fortune
A basic estate plan usually begins with executing a Last Will and Testament; however, as your family and your estate grows, your estate plan should grow as well to become more comprehensive in nature. At some point you will likely add a retirement planning component to your estate plan. Knowing you need to plan for retirement is the easy part. The hard part of retirement planning is knowing how much you will need to live comfortably during your “Golden Years.” Unfortunately, there is no “magic … [Read more...] about Retirement Planning — How Much Do I Need to Save?
When you finally starting working at your first “real” job your focus of your financial concerns is on the here and now. Eventually, if you start a family your focus will shift to thinking about things like braces, college, and weddings down road. Even farther down the road, however, is your own retirement. At some point your focus needs to shift to financial security for you during your “Golden Years” – and the sooner you make that shift, the better. Failing to plan for your retirement years, … [Read more...] about What Can I Do to Ensure My Financial Security During My Golden Years?
In the 21st century, retirement planning is much more complicated than it was just a couple of generations ago. Gone are the days when you could rely on an employer sponsored pension and a healthy social security retirement benefit to provide you with a comfortable retirement. Instead, most people are now forced to develop and fund their own retirement plan. One common funding option for the average retirement plan is an Individual Retirement Account, or IRA. If you are considering the addition … [Read more...] about Which Type of IRA Is Right for Me?