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More Workers Are Concerned About Retirement Benefits Than Health Care Plans

June 19, 2018

Filed under: Retirement Planning — Tags: — Neel Shah @ 9:15 am

Anyone who is looking forward to their future will be cognitive of how their retirement plan connects in with their overall financial goals and their estate planning. Retirement plans are often a significant asset and one that can draw in employees. retirement-estate-planning-NJ

A new study finds that employees in the United States marketplace are more focused on retirement benefits than on healthcare benefits and there is good reason to be mindful of this. With the average person in the United States living longer than ever before, it is important for both men and women to be aware of how their retirement benefits accumulated over the course of a lifetime can influence their ability to be stable when they do retire.

A survey of 5,000 United States employees recently released this week found that two-thirds of respondents were willing to have more money taken out of their paychecks every month to support more generous retirement benefits, and only 38% of those same respondents were willing to pay more each month for better health care benefits.

Although employees may feel vulnerable about their longtime financial prospects, you can take you future into your own hands by gathering a team of experienced professionals such as an estate planner, a financial planner, and retirement planning specialist to help you accomplish your goals.

What You Should Know About Retirement Rollovers in a New Job

June 11, 2018

Filed under: Retirement Planning — Neel Shah @ 9:15 am

Taking on a new position certainly means a big transition in your life, but it’s equally important to think about how this affects your retirement and your estate planning concerns. Financial advisors share that rolling over your existing 401(k) funds into a new employer’s plan is not always the most appropriate fit for all employees. Other options may include taking a lump sum payout, choosing an in-plan Roth conversion or opening a new IRA.retirement and estate planning NJ

Savers may choose to leave their money where it is, although some plan administrators say that your former position may impose restrictions. You will want talk to your financial adviser as well as your estate planning professional about how this influences your current life and your future. Rolling over into a new IRA preserves the most investing flexibility, according to financial advisors.

You will also need to make sure that all of your estate planning and beneficiary related materials are updated as well. When you move into a new plan, the materials inside your estate planning documents, such as your will, will be superseded by the beneficiary designation forms you have listed on your retirement accounts. This is what makes it so important to verify that these beneficiary designations are updated at least on an annual basis.

Best Side Hustles for Working in Retirement

May 29, 2018

Filed under: Retirement Planning — Neel Shah @ 9:15 am

Entering your retirement years doesn’t mean that you have to stop working entirely. In fact, for a growing portion of the retirement market, retirement is an opportunity to take on new and exciting side hustles. Having a side gig that helps to supplement your retirement income and gives you something to look forward to is extremely beneficial. 

Businessman Brainstorming About Retirement Planning

Women also face advanced challenges with retirement because it is likely that they have not set aside enough to help support their own retirement. This is why side hustles can assist.

Many of the different types of side hustles that can be beneficial for someone in their older years include those that allow them to be on their feet for a short period of time, such as dog walking. Others may benefit from working in the freelance marketplace because they are eligible to set their own hours.

Working in a part-time position on a side gig, such as building a website or writing a book can also help to bring in extra income while giving your mind something to focus on and feeling as though you have transitioned into a new phase in your life.

Retirement, Estate Planning Work Together

May 8, 2018

Filed under: Retirement Planning — Neel Shah @ 9:15 am

There are five core areas that you must focus on in order to cover all of your bases with regards to estate and retirement planning.  Many people often focus on one or the other and don’t realize the extent to which all of these assets are interconnected.  

Having a knowledgeable estate planning attorney to guide you through the process can increase your chances of success and the peace of mind provided by having a comprehensive plan that allows you plenty of assets to rely on in retirement, as well as a legacy plan to pass on those assets.

Having the right guide to assist you with your retirement plan, including financial professionals and an estate planning lawyer, can give you confidence about your future.  The five core areas that must be focused on for effective estate planning include income planning, investment planning, tax planning, healthcare planning, and legacy planning.

Leaving out any one piece of the puzzle could lead to challenges and problems down the road, and that is why it is strongly recommended that someone retain the services of experienced professionals in a team sooner rather than later.

Who Is Taking Care Of Your 401(k) Plan?

May 2, 2018

Filed under: Retirement Planning — Neel Shah @ 9:15 am

Many people make regular deposits into their 401(k) plan, which is likely matched by an employer, but have you ever thought deeply about who is responsible for looking after that 401(k) plan?  This may be referred to as a fiduciary. There are a lot of stakes involved with the answers to these questions. 401 retirement estate planning

In order to help prepare them for retirement, more than 54 million people in the United States rely on 401(k) plans, but many of these plan participants don’t know how to use them properly or how they work.  

A 401(k) plan is essentially a special purpose trust that is generated by your employer to help you save for retirement. The plan trustees or the people responsible for managing it are fiduciaries, meaning that they have a legal responsibility to ensure that the 401(k) plan operates in your best interest. Plan trustees also verify that your 401(k) plan meets the compliance terms of the Employer Retirement Income Security Act, also referred to as ERISA.  

All plan participants must be treated fairly, which means that if you identify that someone has violated the fiduciary duties owed to you in your 401(k) plan, you may have ground for a lawsuit. Your 401(k) plan will come with a formal written document, the details, the operation of the plan. The support of an experienced estate planning can help you realize other types of benefits and assets you may have that should be incorporated into your estate plan.

So You Are Nearing Retirement-What Financial Options Do You Need to Keep in Mind?

April 26, 2018

Filed under: Retirement Planning — Neel Shah @ 9:15 am

The closer you get to your age of retirement, the more likely you are to need to engage multiple financial professionals to get all the support that you can. Individuals who are nearing age 65 might not have a plan in place yet for their actual retirement and might not know how much is in their retirement and taxable accounts. 

However, scheduling a consultation with an experienced financial professional as well as others, such as an estate planning attorney, can help you to articulate the goals you need to have in kind. Proper planning can go a long way towards avoiding many of the most common challenges with your retirement.

An advisor can help to address many of the most common concerns presented by people getting close to retirement, including when it’s appropriate to file for social security, the most cost-effective possibilities to pay for health care including long-term care needs, how to stay ahead of inflation with your retirement planning without being exposed to too much risk, and more.

A robotic advisor or someone who only provides assistance on the internet might not be able to give you the customized solutions you need. Comprehensive financial advice is especially critical when you are approaching retirement because there are so many issues that need to be addressed effectively before you enter your retirement years.

Do You Have a Plan to Be Productive in Your Retirement?

April 25, 2018

Filed under: Retirement Planning — Neel Shah @ 9:15 am

You need a plan to be generous with your talents in your time in retirement. By having a plan, being a volunteer positively impacts you and outlines your goals for the future. When you have plan in line, you will be able to more effectively accomplish your goals and look forward to your retirement. People spend a great deal of their lives planning for retirement, but if you do not take the appropriate care to consider what you will do during that time, it can be a very frustrating transition. get help with retirement and estate planning

A recent report by the Corporation for National and Community Service identified that there is a strong relationship between health and volunteering. Those who volunteer in their retirement years have greater functional ability, lower mortality rates and lower rates of depression later in life when compared with those who do not volunteer.

Mentoring and teaching are two positive ways to make investments of your time in your future. Planning to be generous with the wealth you have accumulated over the course of your life can also help you and your loved ones significantly. For example, you will be able to chart a plan going forward for how you will pass on your assets that you have spent your entire life working to collect.

Consulting with an experienced estate planning attorney is strongly recommended if you find yourself in this situation.

Have You Talked to Your Adult Children About Your Retirement?

April 10, 2018

Filed under: Retirement Planning — Neel Shah @ 9:15 am

Many older people across the United States have not talked to their adult children about impending retirement plans, which can generate a lot of questions and confusion about what the future holds. A fidelity study conducted in 2016 identified that more than one-third of parents had never talked to their adult children about retiring because they felt that the conversation never came up. However, any detailed conversation about estate and financial planning, including conceptions about when retirement may occur, can give everyone greater peace of mind and confidence. 

Although some families still treat conversations about money, retirement, and finances as taboo, it is critical to ensure that your children give yolong term planning help with a lawyer u a chance to say what you need to say when the topic of finances comes up. It can be hard to gauge generational gaps in conversation and lack of clarity about estate planning and retirement planning strategies, but sitting down with a lawyer can help. Before adult children make suggestions, they should do their own research.

They should never come to the table without having an open mind about what their parents believe to be their own best interests. Many times, adult children may not be clear about what the parent intends to accomplish with his or her retirement planning or the assets held in place. Having a conversation about these issues, as well as any long-term care insurance policies is important.

Should You Take Your Required Minimum Distributions Early in The Year?

March 28, 2018

Filed under: Retirement Planning — Neel Shah @ 9:15 am

Required minimum distributions, also referred to as RMDs, are typically due by the end of the year, so most people will put them off until that point. Many people will assume that it is best to take their RMDs later in the year to maximize the tax deferred bill for as long as they can.

 However, there are some practical advantages to taking your RMD earlier in the year. First of all, taking RMDs early in the year puts less pressure on your beneficiaries if you were to suddenly pass away before taking the distribution. When an IRA owner who is subject to RMDs passes away before taking the distribution for the year, it has to be taken by the beneficiary. There may not be enough time to get this done appropriately if an IRA owner passes away later on in the year.

Before you schedule what to do with your IRA and your RMDs it is a good idea to review all of the documents and plan beneficiary form now to avoid disputes down the road as well as confusion or conflicts after you pass away. A beneficiary form of you is an update of a simple service but a high value one that should be discussed directly with your estate planning attorney to verify that your other documents are in line.

You Can’t Count on Luck in The Retirement Planning Process

March 19, 2018

Filed under: Retirement Planning — Neel Shah @ 9:15 am

There are several steps that you should always keep in mind when trying to balance retirement, college savings, estate planning and all of your other priorities for your life. If you don’t know what you want, there is no good way to plan for this. This is why you should sit down with your spouse and any other key family members to figure out what is most appropriate for you. Cover what you want to do in retirement, where you want to go and where you want to live. 

You can then work backwards to identify the assets that may protect you during this time. The second step to work towards your retirement is to create a savings plan that matches your goals. If you have ten or few years from retirement, you will need to be more calculated about the savings strategy you use to approach your goals. If you have 20 or more years before you intend to retire, you have multiple options for working towards those goals. Make sure that you re-assess your risks at each stage as you get closer to retirement.

Another thing to consider is that you need to get your retirement plan in line with taxes. A crucial part of a comprehensive financial strategy is a tax plan and an often-overlooked aspect of financial planning is estate planning. Without an appropriate estate plan organized, your belongings could end up with the state and this can put your loved ones through a lengthy or even expensive estate planning process. It’s far better to have a lawyer who can assist you with these goals well in advance.

The Top Four Retirement Risks

January 11, 2018

Filed under: Retirement Planning — Neel Shah @ 9:15 am

As you look ahead towards your own retirement, do you think you’ve done enough planning? In volatile times, it’s hard to tell what kind of risks you might face years into the future when it’s time for retirement. You need the support of a team of professionals who can help you guard against major retirement risks. 

A solid income plan should always be used to avoid problems with your retirement. If you thought that saving for retirement was difficult, your nest egg needs to be protected well after you reach age 65 or the age at which you intend to retire. Some of the most common risks include taxes.

If you have a silent partner in Uncle Sam because you have been putting away money in a tax-deferred retirement plan, you could be putting yourself at risk for less income than you expect. In addition, investment risk, inflation risk, and legacy and estate risk can all pose problems for you, if you do not have the assistance of an experienced estate planning attorney. When you know how you intend to get to retirement and what you will do to protect your assets once you get there, you will feel much more confident in the management of your estate and the fact that you have done everything possible to minimize potential risks.

Common Retirement Issues You May Not Be Planning For

November 30, 2017

Filed under: Retirement Planning — Neel Shah @ 9:15 am

It can be overwhelming to think about retirement and estate planning. However, these are crucial processes that should be considered by any adult. Many people put off the process every time in estate planning because they assume they will have time to make up for it in the future. plan for your future finances and retirement

However, a sudden issue or disability can illustrate to you just how important it is to engage in these estate planning and retirement planning issues. Be aware of these common challenges that many people face but neglect to think about. They include:

  •      Inflation
  •      Taxes
  •      Estate planning
  •      Long term care

The reality is that many people underestimate the risks that they will face both in retirement and towards the end of their life. For this reason, they neglect taking part in the planning process and can make it more difficult for them when they approach that age and realize they have not set enough aside. By thinking about the potential risks and the steps that you’ll take to guard against them now, you can get the peace of mind that if something happens to you, your family members will not be disadvantaged.

Three Key Things Your Retirement Plan Should Include

November 27, 2017

Filed under: Retirement Planning — Neel Shah @ 9:15 am

When putting together a retirement plan, it’s common to focus on how much your income you tend to generate before and during retirement and while this is an important detail, it’s not the only issue you’ll need to review carefully. You need to also incorporate tax planning, health care planning, and legacy planning. hire a NJ estate planning lawyer to make sure your estate and retirement plan work together

Tax planning is important because if you’re handing over too much of your income to the federal government, you’ll minimize what you can accomplish during retirement. Talking through options with a financial advisor is helpful and may allow you to get pointed in the right direction years in advance of retirement. Your next step should involve health care planning. Health care expenses are a crucial issue for many Americans but they are even more important for retirees.

Medical issues typically keep climbing and getting more expensive over time. Long term care is the most expensive and the biggest issue that most retirees may face and many of the costs associated with it will not be covered by Medicare. Having a plan including long term care insurance well in advance can assist you with navigating the complexities of these issues. Finally, if you have a family, there is a good chance that you intend to leave something behind for them after you pass away.

There are many different ways to structure an estate plan and different tools that you can use but all should be put together with the experience of a knowledgeable estate planning attorney. Understanding the various options available to you and the most appropriate way to pass on those assets is important. Do not hesitate to schedule a consultation with an experienced estate planning lawyer today.

Transamerica Study Shows Five Biggest Retirement Fears for Americans

November 21, 2017

Filed under: Retirement Planning — Neel Shah @ 9:15 am

A recent study completed by Transamerica identified that even though retirement can be an exciting time, it is also one that provokes anxiety and fear among those reaching age 65 and beyond. 

Many Americans are concerned that retirement will not live up to their expectations or that they won’t have enough assets set aside to protect themselves. Appropriate estate and advance planning is important when it comes to retirement savings. What follows are the five most commonly referenced issues in the Transamerica study:

  •       Outliving investments and savings
  •       Not having access to enough social security benefits
  •       Long term care expenses that are unpredictable
  •       Cognitive decline like Alzheimer’s disease
  •       Lack of affordable and adequate healthcare

Most people are under the impression that Medicare will assist them in the event that they have an incapacitating event. While this is true to an extent, more serious problems like cognitive decline or long-term care concerns will likely not be covered by Medicare and you should have a plan in place to protect you with those. This is one of the biggest reasons that Americans are concerned with outliving the money they have set aside for retirement. Financial support can come from many different places but advanced planning is required for all of them. Scheduling a consultation with a knowledgeable estate planning attorney today can help you see how tax planning, charitable giving, estate planning and long-term care planning can all work together to give you a more powerful future.

Avoid the Newest Form of Social Security and Medicare Scams

November 1, 2017

Filed under: Retirement Planning — Neel Shah @ 9:15 am

Unfortunately, elderly individuals are in the market for crucial government assistance programs such as social security and Medicare. Scammers recognize this and given the many people who are turning 65 each day and becoming eligible for benefits from each, it is equally important to be aware of the potential risks of being caught up in a scam. Scammers are getting more elegant and experienced with how they use technology or threats to encourage people to hand over personal identifying information.

Many phone calls are going out to individuals who may have enrolled in a Medicare program or may be in the process of receiving a new social security card and these individuals may hear from the scammers that they need to provide their social security number or other personal identifying information over the phone in order to get these materials in the mail. 

Bear in mind that the Social Security Administration will usually contact you directly and be able to provide verification of who is contacting you. Instead, scammers will often leave a message on your voicemail prompting you to call back a number that leaves a generic voicemail as well threatening you that a lawsuit has been served against you or that a warrant has been issued for your arrest.

These scammers are targeting vulnerable seniors who may be unaware of their rights and may be deeply concerned about the nature of these voicemail messages and thus prompted to provide personal information such as their bank account, their Social Security number or other critical details.

You can avoid these scams by being mindful and always asking people to clarify who they are, where they work and their supervisor’s name and contact information, where possible. This can go a long way towards minimizing your concerns that you have given up details when they were unnecessary. The Social Security Administration and Centers for Medicaid Medicare services will usually contact you directly and will typically do so in a written format. Although if someone does contact you on the phone, it should be relatively easy to figure out whether or not they are truly working for the agency they claim to be.

Study Shows That Some People Need Outside Motivation in Order to Save For Retirement

October 31, 2017

Filed under: Retirement Planning — Neel Shah @ 9:15 am

Most people know in the back of their minds that it makes sense to save ahead of their retirement. However, a new study shows that short-term thinking, a lack of access to appropriate retirement programs and general inertial all contribute to the fact that many people do not engage in the estate planning process as soon as they should. plan for retirement

For many people, working longer and staying in the workforce past age 65 have been the common approaches towards addressing retirement strategies.

A new book from economist Richard Thaler explains why people so often fail to save for retirement and societal changes including the lack of employer managed retirement plans are involved as well. A defined contribution retirement savings plan on its own will fail to overcome behavioral barriers and lead to less than optimal outcomes when it comes to retirement savings.

Bearing in mind that most people have limited awareness regarding financial and retirement issues to begin with, without an outside professional to help them guide through the process they are more likely to ignore the option overall and fail to engage in retirement planning until it is too late to make that much of a difference in their bottom line. The same goes for estate planning.

Many people put it off and do not realize the power of estate planning until they wish to take steps to protect their loved ones or until they have a loved one who fails to do estate planning and then puts the entire family in the spotlight of dealing with the issues. Consulting with a knowledgeable New Jersey estate planning attorney is strongly recommended if you wish to talk about how your retirement and estate planning can work together.

New Study Shows a Connection Between Retirement, Savings and Mental Health

September 6, 2017

Filed under: Retirement Planning — Neel Shah @ 9:15 am

Looking down the road to retirement? You’ve probably considered a broad range of issues, including what you’ve saved so far, what you might need for health care, and how you intend to live during retirement. plan for retirement and your estate together

There’s no doubt that you are thinking ahead about your retirement planning goals when wanting to plan for your future. There are key factors that contribute to your mental health status and a new study has identified that your retirement savings and other issues can affect how you feel about your life in general.

Some of the other elements that factor into the overall perception of how your future is perceived include longer lifespans, the greater reliance on defiant contribution pension plans and the questionable state of social security. Many different households including people who are aging inside are dealing with mental health concerns such as anxiety and depression. Medicare Research Institute, in a study that was published in Health Economics, identified that psychological distress was linked to a 47% higher likelihood of a married couple withdrawing money from their retirement account.

And it was also connected to married couples having approximately $42,000 left in retirement savings accounts. Key factors that influence this can all have an impact on a person’s overall psychological makeup. Thinking ahead about your retirement and how it works in conjunction with your intentions for your estate planning, is an important component of planning for your future.

Your retirement plan should look at your long-term goals and it should also be something you think about years in advance. When you’re getting close to retirement, it also makes sense to schedule a meeting with an estate planning attorney to talk about your needs as a whole.

These Four Habits Can Increase Your Chances of Retirement Savings Success

August 23, 2017

Filed under: Retirement Planning — Neel Shah @ 9:15 am

Whether you’re just entering your working years or looking towards retirement, how you save can impact your life after you’re doing working in a big way. Planning ahead can help you achieve targets that give you peace of mind later in life, even if that period is not that far away. New research shows there are major changes happening with regard to retirement savings and the U.S. workforce. retirement and estate planning

Are you one of the nearly 70% of Americans worried about their financial future? There is good reason to worry for plenty of people because research from the Economic Policy Institute indicates that half of all Americans have no retirement savings at all. Some young individuals, however, have been dubbed retirement super savers and are on their way toward increased prosperity. They’re contributing at least 90% of their annual 401(k) contribution limit. A study completed by Principle Financial Group identified what made those super savers likely to sacrifice things in their life in order to maximize their 401(k) contributions. Four habits of these super savers include:

  • Driving an older car
  • Living in a modest home
  • Forgoing the fancy vacations
  • Working a little bit harder

If you are interested in putting together a retirement plan that works in conjunction with your goals to pass on things to your loved ones in the future, consulting with an experienced New Jersey estate planning attorney is strongly recommended. Becoming a super saver is a worthwhile goal but one that requires careful prospective from many different areas. Engaging with professionals who are knowledgeable about the estate planning and retirement planning landscape can increase your chances of putting aside enough money to support you in your older years and also empowering you to leave money behind for beneficiaries or for philanthropic purposes. Consulting with an experienced estate planning attorney is one crucial component of this step.

Why Is Retirement Planning So Important for Women?

July 13, 2017

Filed under: Retirement Planning — Neel Shah @ 9:15 am

 

Everyone can benefit from the process of estate planning, but it’s more important for women than it is for men, frequently because many women do not think about the estate planning process. First of all, women tend to live longer and despite advances in gender equality in the United States, women still shoulder much of the burden associated with child care. This means a non-existent or a reduced income and ensures that savings for the future is difficult. retirement tips for women

As women tend to outlive men by five to six years, it is important for women to take crucial steps in the estate planning process that can help to position them to make an empowered decision should something arise. No one wants to find themselves in the position of failing to take the necessary planning steps and putting that burden on your loved ones. It can lead to unnecessary conflicts, court costs and legal fees.

Articulating your own desires now and thinking about the intersection of your estate and your retirement planning will give you peace of mind in addition to helping you feel confident that your family members will understand your intention when the necessary time comes. Some of the crucial steps to take include:

  • Getting organized
  • Taking control of your finances
  • Planning your estate and considering elder law issues.

Don’t put off these simple, but effective steps in planning for your future and for your loved ones. Taking action now is important because it saves your family members time and stress down the road.

Did You Know That There Is a Life Cycle to Your Retirement Plan?

July 10, 2017

Filed under: Retirement Planning — Neel Shah @ 9:15 am

Most people understand the basic benefits of planning ahead for retirement, but they may not understand the specific cycles and important impacts of planning for retirement. The financial life cycle follows your general aging cycle and every decade it will play its part in your financial lifecycle. During your 20s, you’ll be primarily focused on building a foundation for any financial independence. As you get into your 30s, you’ll be looking at accomplishing goals such as building your wealth, debt reduction and career consolidation. retirement planning tips

It is commonly in the 30s that people may begin contemplating the benefits of asset protection planning. In the 40s, you’ll still be focused on wealth accumulation and paying down any necessary debts. During your 50s, however, you will likely need to remain fully employed to age 60, if you do not have an employer’s sponsored pension or were somewhat older when you had a child. Your 60s is the work optional, semi-retirement period of your life, followed by the golden years and traditional retirement of you 70s and beyond.

Consulting with an experienced estate planning lawyer is just one of the steps that you should take as you look forward to retirement. Having the necessary documentation in place to assist you if you were to suddenly become incapacitated as well as to protect the assets you have spent so much of your life working to build, is an important component for anyone. Your retirement plan is the focus of much of your working years, and likewise you should continue to revisit it and determine how it will be used during your golden years or passed on to loved ones. All of these are important steps you should consider taking.

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