Many people have several goals for their retirement. Some people want to travel and see the world, while others want to be able to spend time with their families. Still, others look forward to pursuing their hobbies and interests.
Retirement planning is a lot like managing your finances—things will get out of control fast if you don’t do it. But if you start early and plan wisely, however, you’ll be able to enjoy a comfortable retirement that means peace of mind and the ability to spend your time doing what matters most to you.
With this in mind, we’ll discuss why you should start early in planning for retirement, how IRAs fit into retirement planning, and how a Los Angeles area estate planning attorney can ensure everything is in order.
Planning for Retirement: When Should It Start?
While it is never too late to get started, the sooner you begin, the more time your assets will have to grow and compound. The good news is that there are many ways to plan for retirement. You can pick from different types of accounts, such as IRAs (Individual Retirement Accounts). In addition to these individual accounts, employers often offer plans such as 401(k)s or 403(b)s for employees who work for them full-time.
Retirement Planning: IRAs
If you’re looking for an easy way to start saving for your future, then an Individual Retirement Account (IRA) may be the right choice. There are two main types of IRAs: traditional and Roth.
- Traditional IRA. You may deduct the amount you contribute to a traditional IRA from your taxes, which means the government allows you to invest using pre-tax dollars, resulting in significant savings.
- Roth IRA. A Roth IRA is funded with after-tax dollars, but withdrawals are tax-free and grow tax-free over time.
How Can a Los Angeles Area Retirement Planning Attorney Help You?
Many challenges can come with planning for retirement. A Los Angeles retirement planning attorney can help you ensure that your money is invested so that it will grow over time and allow you to live a comfortable life after you retire.
A retirement planning attorney will work with you to determine your income needs and what kind of investments suit your situation. You should consider hiring an attorney if:
- You have accumulated significant wealth through your career but now want to make sure it is protected in case anything happens down the road due to unforeseen events.
- You need answers about the steps you should take to maximize your retirement savings.
- You’re concerned about ensuring everything gets done correctly with no loose ends remaining.
Contact Us Today
The retirement planning attorneys at Law Offices of Michael K. Lanning, APLC, can assist you in learning more about retirement planning and how you can have peace of mind knowing that everything is handled correctly. Contact us at 310-820-1600 or go to our website to learn more and set up a consultation.
We serve West Los Angeles, Santa Monica, Pacific Palisades, Manhattan Beach, and the surrounding Los Angeles communities.
