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Home >> Retirement Planning Tips Part 2

Retirement Planning Tips Part 2

December 2, 2011 by Robert Kulas. Leave a Comment

This is part two of the two part series talking about how to plan now, and save yourself the stress and the headache later.

  1. Have you thought about making investments? Even though the most common way to save money is opening a savings account, investments yield a higher return on your money. Look at all the different ways you are currently saving – i.e. through savings accounts, retirement plans, pensions, etc. – and see if there are ways you can earn more on this money. Speak with your attorney about ways you can diversify in order to see a higher return.
  2. Do not, under any circumstance, cash in your retirement. This is tempting, particularly for those going through financial crisis. Incorporate other options into your financial planning; otherwise you are going to regret this decision in the future. This is also true for individuals losing a job or changing jobs. Learn what to do with your 401(k) or your pension, as well as how you can roll them over into other investment opportunities.
  3. Are you familiar with IRA accounts? An IRA is an Individual Retirement Account. These accounts allow up to $5,000 worth of annual deposits, but you are able to open the account with less. For individuals ages 50 and older, the option for higher annual deposits is present. There are also tax advantages to having IRA accounts. Discuss all of this information with your bank or financial institution, as well as with your estate planning attorney. Be aware that there is more than one type of IRA account – a traditional IRA and a Roth IRA. Hold regular discussions to determine which is best for your financial future.
  4. Plan ahead for Social Security: each year, the Social Security Administration sends out annual statement outlining what your benefits are going to be and when you become eligible to receive them. If for some reason you are not receiving these statements, call your local Social Security office and request this documentation. It should be included in with your financial planning, as well as your estate planning documents.

Remember, throughout the entire retirement planning process, there is no such thing as asking too many questions. If you are unsure about an investment, or don’t feel comfortable with them for any reason, set up a meeting with your financial institution or your estate planning attorney to discuss these concerns. This is your financial future, and it is important you feel comfortable with all the decisions made and all the plans put into place.

Filed Under: Retirement Planning Tagged With: Estate Planning, estate planning attorney, financial planning, Retirement Planning

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I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

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Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

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Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family.

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"Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family."

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Janice M
Client Review
August 25, 2020
    

Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

default image
Krissy L.
Client Review
August 25, 2020
    

I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

default image
Leo C.
Client Review
August 25, 2020
    

Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

default image
Mildred W.
Client Review
August 25, 2020
    

I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

default image
Joan C.
Client Review
August 25, 2020
    

We began our estate plan process in 2004 (12 years ago) and have been pleased with the periodic reviews we have gone through and when changes have been needed the firm has been thorough and professional in making those changes.

default image
L.G.K.
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