IRA and Retirement Planning

Retirement planning is something you need to think about if you want financial security during your golden years. Whether you are 18 or 80, or any age in between, you must make smart financial choices so you have money to meet your needs as a senior. An Atlanta retirement planner can help.

Our attorneys believe everyone deserves financial security in retirement, and that everyone can achieve this security by taking the right steps. Because Pyke & Associates, P.C. only practices law, CAPTRUST (a member of the Pyke Family of Firms), can provide comprehensive assistance with retirement planning to people of all ages, in all income brackets, and with all different amounts of assets. Give us a call today to get personalized advice on your retirement plan and to get answers to key questions you may have about the planning process including:

  • What should I know about retirement planning?
  • Should IRAs be a part of my retirement plan?
  • How can an Atlanta retirement planning lawyer help?

What Should I Know About Retirement Planning?

Retirement planning has become increasingly important for everyone of all ages, because few employers offer defined benefit retirement plans which guarantee you a pension in your old age. If you are dependent upon your savings to help you survive financially during retirement, you better make sure you actually have some savings to rely on.

The retirement planning process gives you the tools you need to put aside funds for your golden years, and to make smart choices when it comes to investing those funds. Some of the key things you need to know as you begin thinking about how to support yourself as you age include:

  • How much you need to save to retire. You should have an overall savings goal in mind.
  • How much you need to set aside to achieve your goals. The amount you must save will vary depending upon how much cash you need to retire, your age, and the amount of money you already have saved. If you talk with a financial advisor and begin saving when you are young, you can achieve your goals even when putting aside much less cash because compound interest will help your nest egg to grow.
  • What types of retirement accounts you should be using. There are certain retirement accounts which provide tax benefits and which can make it easier for you to save for retirement.
  • How to protect your retirement assets. You do not want to lose your nest egg because you end up in a nursing home or because of claims made against you. You can keep retirement accounts safe, even in the event of bankruptcy, if you have selected the right account types.
  • How to diversify your investments so you do not take unnecessary risks and so you can maximize your potential returns without putting your savings in jeopardy.
  • How much money you can take out as a senior. You do not want to have your money run out too soon but you also need to comply with rules for required withdrawals.
  • These are just a few of the key areas in which CAPTRUST can provide advice and assistance. When you work with their team, they will discuss your finances and your goals so you can create the plan that is right for you.

Should IRAs Be Part of My Retirement Plan?

  • Individual Retirement Arrangements (IRAs) should be a part of virtually everyone’s retirement plan. You can set aside money in an IRA and get tax breaks for doing so, provided you do not make too much money (there are income limits if you or your spouse has a retirement plan at work). The amount of cash you can set aside will vary based on combined household income as well as the type of IRA you select.
  • For most individuals, the two choices are traditional IRAs or Roth IRAs, with traditional IRAs allowing investments with pre-tax dollars and Roth IRAs allowing tax free growth. For small business owners and people with non-wage income, SEP IRAs and Simple IRAs may allow larger annual contributions that are eligible for tax breaks.
  • A financial advisor at CAPTRUST can help you to decide whether an IRA should be a part of your plan, how much to invest in an IRA, and which type of IRA is right for you.

How can an Atlanta Retirement Planning Lawyer Help?

  • The Pyke Family of Firms provides retirement planning help to clients in Atlanta, Peachtree City, Stockbridge, and surrounding areas in Georgia. Give us a call at 770-507-2500 or contact us online to learn more about how our Atlanta retirement planning professionals can help you.

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