Collins Law Group provides assistance with IRA & retirement planning in the greater Los Angeles area. There are strict rules for IRA investments, including income limits. There are also steps you need to take right now to help ensure you have financial security when you retire. We help you to understand the rules, maximize your use of tax advantaged retirement accounts, and make smart investment choices for a more financially secure future.
To learn more about the ways in which we can help you, give us a call at (310) 677-9787 to schedule your consultation. Members of our legal team can help you to create a customized retirement plan and can provide answers to some general questions you may have including:
- Should an IRA be a part of your retirement plan?
- What is involved in the retirement planning process in Los Angeles?
- How can an Inglewood retirement planning lawyer help with your plan?
Should an IRA be a Part of Your Retirement Plan?
An IRA should be a part of your retirement plan, provided you qualify to invest in an Individual Retirement Account (IRA). There are different types of IRAs, including traditional IRAs, Roth-IRAs, SEP-IRAs, and Simple IRAs. Most people use traditional or Roth-IRAs because the two other types are restricted to small business owners, independent contractors, and others with non-wage income.
IRAs permit you to invest up to a set maximum amount of money annually, depending upon your income level. In a traditional IRA, money is invested with pre-tax dollars. In a Roth-IRA, money grows and can be withdrawn without taxes on gains. The tax benefits of an IRA can be substantial, and those whose incomes are not too high to qualify for IRA deductions can benefit significantly from allowing the government to subsidize savings.
Because you are permitted to invest only a set maximum amount in an IRA each year, you should begin investing in an IRA as soon as possible so you do not lose out on any opportunity to make deductions.
You should also be aware that the IRA you invest in is a type of retirement account, not an investment in-and-of-itself. This means when you have put money into the IRA, you must take additional steps such as purchasing stocks, mutual funds, or other investments to be held within the account. Collins Law Group can advise you on choosing sensible investments for your retirement money.
What is Involved in the Retirement Planning Process in the Greater Los Angeles Area?
Learning about IRAs is an important step in retirement planning, but it is far from the only thing you need to do in order to make sure you have a financially secure retirement.
Today, many people are virtually on their own when it comes to providing for themselves in their golden years. Social Security payments are rarely enough to live on and the money may run out before today’s young workers can get promised benefits. Fewer employers are offering pensions of any time, and defined benefit plans where you are guaranteed a set amount of money are extremely rare. This means investing for your future is on you.
Collins Law Group will help you to make sure you don’t spend your golden years impoverished by assisting in setting and achieving goals. We represent young people who want to save for retirement, middle aged people who need help taking their savings to the next level, and seniors who want to make their savings last. We can offer assistance with:
- Setting retirement goals so you have enough money to live comfortably during your elder years.
- Choosing appropriate accounts which will allow you to take advantage of tax breaks for retirement savings.
- Taking steps to protect assets so retirement accounts and property you acquire can be kept safe from claims against you.
- Planning for long-term care costs, including developing a plan so your assets do not need to be spent down before you become eligible for Medicaid to cover nursing care.
- Understanding the rules for taking money out of retirement accounts while incurring minimal taxes and protecting account balances.
These are just some of the many parts of your retirement plan which we can help you to create.
How can an Los Angeles Retirement Planning Lawyer Help?
Collins Law Group offers comprehensive assistance with IRAs and with retirement planning to clients in the greater Los Angeles area including Inglewood, Los Angeles, Santa Monica, Torrance, and surrounding areas. To learn more about how we can advise you and assist you with your retirement plan, give us a call at (310) 677-9787 or contact us online.