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Retirement & Family Protection

Posted on January 7th, 2019

You work hard for your money; saving for retirement and financially protecting your family means making your money work just as hard for you. Retirement is very different from what it was even just a generation ago. Many retirement-age people continue to work, often leaving the corporate world to start a business doing something they love or go to work in an entirely new field.

Retirement is no longer an endpoint; rather, it’s a turning point, a time to explore new challenges and learn new things. In today’s economy, everything is considerably more expensive than when our parents left the workforce. The key to protecting your family and living comfortably in retirement today is to create a solid plan.

Ways to Plan for Retirement

There are a variety of investments that can help you retire comfortably and securely.

  • Social Security: The size of your disbursement is based on the amount you paid into Social Security while you were working, and payments are accessible at the age of 62 or as late as age 70. Some people opt to delay benefits if they want to continue working and avoid early withholding.
  • 401(k) Plans:  These are created by businesses where a portion of your income is automatically delayed into a tax-free deferred investment portfolio.  The money becomes available at a predetermined time. A Roth 401(K) allows you to pay the taxes immediately, instead of at the time of disbursement.
  • Individual Retirement Account: An IRA allows you to invest income into tax-free investments. Taxes are deducted at the time the funds are withdrawn.  There is a limit to the maximum amount you can place in an IRA, and there are requirements on the minimum amount you can withdraw. Roth IRAs, however, have no maximum limitations, nor minimum disbursement requirements.

Provide for Your Heirs with Estate Planning

After preparing for your retirement, the next logical step is to prepare an estate plan, so your family and heirs do not end up paying unnecessary taxes and fees. Your estate is the sum of all assets and property that you own.

Draw up a Will: A will provides legal protection of your estate and transfers assets smoothly to beneficiaries. Without a will, your assets will be managed by a probate court, which can prolong the distribution of assets, leaving your family with unnecessary costs.

Establish a Trust: Assets placed into a trust are protected by law and are exempt from estate taxes. The trustee is designated to control the money, but you can provide guidelines and stipulations on how beneficiaries are to receive finances funds.

Roth Accounts and Retirement Plans: Traditional retirement plans like IRAs and 401(K)s are taxed as income when passed to beneficiaries other than a spouse. The tax bill can be paid up front or spread out over a lifetime if they are transferred into a Roth IRA account.

At ABCATS Accounting, we can help you plan for a relaxed retirement and makes sure your assets are secure with a safe estate plan. The process of gathering information, assessing goals and planning can be difficult and confusing, but having a professional guide can make all the difference in the process and the results.


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