Utah Retirement Planning Attorneys

Helping Clients Prepare For the Future

While most people dream of their retirement years, that dream can quickly turn into a nightmare without the right financial plan. Too many people struggle to live on Social Security benefits, unable to afford to live the life they had always hoped for during retirement. With fewer employers than ever offering defined benefit pension plans, it is up to you to take control if you want your golden years to be a time of financial security instead of a time of financial stress.

Pearson Butler believes it is never too late to take control of your retirement. Whether you are retired and concerned about making your money last, are middle-aged and beginning to worry about retirement, or are just starting your career, a skilled Utah retirement planning attorney can help you make informed choices about saving, investing, and living off retirement assets.

Get personalized advice for retirement and answer questions such as:

• What is involved in retirement planning?
• How does an IRA help with a retirement plan?
• What can a lawyer do for me?

It’s never too soon to start planning for retirement. Call Pearson Butler today at (800) 265-2314 to get started with our retirement planning lawyer in Utah.

Key Steps in Effective Retirement Planning

The process of retirement planning should begin early and should start by setting savings goals. If you save when you are young, you will have more time to build a nest egg and can put aside smaller amounts of money each month. You’ll also give your money more time to work for you, and the magic of compound interest means you can achieve financial security without as much stress or sacrifice.

Setting savings goals is only the beginning of the retirement planning process. You also need to decide:

• What kinds of retirement accounts to use;
• How best to protect the assets you’re amassing and
• How will your retirement nest egg be affected if something happens to you?

Finally, when you enter into your golden years, you need to know the special rules associated with withdrawing money from tax-advantaged retirement plans and you need to make sure you don’t draw down your money too quickly and run out of cash before the end of your life.

Pearson Butler helps with all of these retirement planning steps and more. The firm’s attorneys can assist you with creating and carrying out your plan from your first day of work to the day that you close your office door forever and retire. Seek a seasoned legal guide as you make your life’s work pay off in a secure retirement.

How to Maximize Retirement Savings with IRAs

One of the most important parts of the retirement planning process is making sure you save enough money to last throughout your golden years. Saving substantial amounts of cash can be hard, but the government helps. There are tax-advantaged retirement accounts that you can use if you want to jump-start your savings and let the government subsidize your retirement planning efforts.

Some retirement accounts, like 401ks, are typically available only if your employer provides them. However, almost everyone can take advantage of Individual Retirement Arrangements (IRAs). Depending upon which IRA you choose, you could potentially put aside money tax-free, or you could invest with post-tax cash and watch your money grow without having to pay taxes on the gains.

IRA options include Roth and traditional IRAs, which are the right choices for most investors, as well as Simple and SEP IRAs, which can be used by entrepreneurs and small business professionals. An experienced retirement planning lawyer can help you decide which account is right for you and can help you understand income and contribution limits.

What are the Benefits of Retirement Planning?

Comprehensive retirement planning offers several key benefits, each contributing to a financially secure future. Here’s how a well-structured retirement plan benefits you:

• Financial Security: Having a plan ensures you have enough savings and income to maintain your desired lifestyle in retirement. Knowing your income sources and projected expenses allows you to make informed financial decisions without worrying about running out of funds.
• Peace of Mind: Uncertainty about the future can be very stressful, especially as retirement approaches. A retirement plan provides peace of mind, knowing you have prepared for potential risks and unexpected expenses. This confidence can improve your quality of life and allow you to fully enjoy retirement.
• Protection Against Market Volatility: Market fluctuations are an inherent part of investing, but a retirement plan that accounts for these ups and downs can help you weather financial storms. Diversifying investments and establishing safe income streams can protect against considerable losses, ensuring your retirement funds remain resilient.
• Tax Efficiency: Proper retirement planning considers the tax implications of different income sources, maximizing the funds you keep. Strategic use of tax-deferred or tax-free accounts and careful timing of withdrawals can reduce your tax burden and preserve more of your savings.
• Legacy Planning: Retirement planning provides an organized approach for those who wish to pass on wealth to family members, charitable organizations, or other beneficiaries. Through trusts, wills, and other estate planning tools, you can ensure your assets are handled according to your wishes.

Contact Our Utah Retirement Planning Lawyer Today

Pearson Butler provides comprehensive retirement planning help to clients across Utah. The firm can provide seasoned guidance regardless of your income or life stage and is committed to helping you make the most informed choices to achieve a secure retirement.

Discover how Pearson Butler can enhance your retirement strategy. Call (800) 265-2314 to schedule a personalized consultation today with our retirement planning attorneys in Utah.