Retirement Planning

How much money will I need to set aside to retire?

A recent study by Northwestern Mutual suggests that few Americans feel prepared for retirement.  Northwestern Mutual’s 2018 Planning & Progress Study reveals that an alarming 21 percent of those surveyed have no savings for retirement, while an additional ten percent have just $5,000 saved for the future.  Over 78 percent of Americans state that they are extremely or at least somewhat concerned about not having sufficient funds for retirement.  Our Arkansas retirement plan attorneys want you to be ready for retirement when the time comes.  We explore some vital steps you should take to plan for your retirement below.

Retirement accounts are extremely popular vehicles for saving for retirement. However, the government does not allow you to leave your tax-deferred dollars in an Individual Retirement Account (IRA) indefinitely. While it is not a problem for some individuals, some retirees would prefer to leave the money in the account if they have sufficient income. Mandatory withdrawals from an IRA could result in an income tax debt.

By: Danny Broaddrick, ERISA/Qualified Plan Counsel

Recent legislation has impacted various aspects of many qualified retirement plans such as 401(k), profit sharing and even defined benefit (pension) plans to some degree. Some of the significant changes to note are as follows:

When you are working with an Arkansas retirement plan attorney, there are several factors that you need to consider when developing a retirement plan. Some of those factors include the age at which you want to retire and the standard of living you want to maintain during retirement.