An elder law attorney can help you to prepare for your future. Elder law attorneys do not just help older people. The Law Office of Michael Robinson, P.C. can provide assistance throughout your life in taking steps to save for retirement, prepare to leave your legacy, and plan ahead in case you get sick.
One of the key issues that an elder law attorney can assist you with involves preparing for retirement. Planning ahead for your retirement is important so you can ensure that you are able to retire when you want to. The Law Office of Michael Robinson, P.C. offers assistance setting retirement goals and taking advantage of tax breaks for retirement through IRA investing.
We also provide assistance once you are nearing retirement age. This can include helping to protect the assets you have worked so hard to acquire, as well as assisting you in understanding key issues that will affect when you retire.
You should give us a call to get personalized advice from an elder law attorney about all of the issues that could impact your retirement age. You can also read on to learn about some of the top things you’ll need to consider when it comes to the age at which you retire.
Key Factors to Consider About Your Retirement Age
Some of the key factors to think about when deciding what age to retire include the following:
- How your retirement age will affect medical care: Seniors typically become eligible for Medicare at the age of 65. If you retire before age 65, you need to think about how you will get medical care if you need it. You should explore options for health insurance and make certain you can afford the costs. You should also be aware of Medicare coverage limitations. For example, nursing home care isn’t typically covered by Medicare, so you may need to work with elder law attorneys to make a plan to get these costs covered.
- How your retirement age affects Social Security: If you retire before the age that the Social Security Administration considers your full retirement age (FRA), you may want to wait to claim Social Security benefits. Retiring before FRA results in a permanent reduction in Social Security benefits. Your benefits will be reduced by 5/9 of 1% for each of the first 36-months before FRA and by 5/12 of 1% per month if you retire more than 36-months early. The benefits reduction could be substantial and permanent so you should learn how benefits will be impacted and consider whether you can delay claiming by making withdrawals from your savings.
There may also be other important issues relevant to your specific situation. The Law Office of Michael Robinson, P.C. will assist you in understanding all of the issues that could affect your financial security during retirement. We can help with retirement planning at all phases of life and will work with you to ensure you have the best chance of retiring with a nest egg that will provide for you throughout your life.
Getting Help from an Elder Law Attorney
The Law Office of Michael Robinson, P.C. will help you when you are younger to understand the rules for investing in IRAs so you can maximize your retirement savings and ensure finances don’t prevent you from retiring when you want to. We can also provide assistance as you get older so you can be prepared for retirement and protect your wealth.
To find out more about all of the retirement-related services that The Law Office of Michael Robinson, P.C. can offer, join us for a free seminar. You can also give us a call at 585-374-5210 or contact us online to learn more.
Latest posts by Michael Robinson, Estate Planning Attorney (see all)
- One Will May Not Be Enough - March 21, 2019
- A Special Needs Trust Can Preserve Medicaid Eligibility - March 19, 2019
- Estate Tax Exclusions Adjusted for 2019 - March 14, 2019