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.
There are a variety of investments that can help you retire comfortably and securely.
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.
Find comfort in knowing an Expert in accounting is only an email or phone-call away.
We will happily offer you a free consultation to determine how we can best serve you.
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