Effectively managing your IRA's, 401k, 403b, Social Security payments, and other financial assets is crucial for a secure and comfortable retirement, especially considering the longer and healthier lives we now lead. Planning becomes essential to achieve the American Dream of retirement bliss. However, our retirement planning lawyers often observe common mistakes:

  • Neglecting a realistic assessment of your financial resources, resulting in inadequate budgeting for ongoing retirement expenses.IRA and retirement planning lawyer meeting with clients | Virginia IRA & Retirement Planning Lawyer
  • Retiring prematurely without a proper analysis of the required retirement income.
  • Initiating pension and Social Security benefits prematurely.
  • Depleting IRA's and 401(k) savings too rapidly.
  • Making ill-informed decisions regarding financial advisors or products, impacting the potential earnings of retirement investments.
  • Tapping into home equity prematurely through loans or reverse mortgages.
  • Maintaining an unhealthy lifestyle, increasing the risk of costly health issues during retirement.
  • Lacking a plan to address medical and long-term care expenses to protect your retirement nest egg.
  • Accumulating unnecessary debt and spending on unrealistic or unaffordable items, risking financial instability.
  • Overlooking the importance of having clear retirement goals and plans for how to spend your time and energy.

Understanding IRA's and retirement planning is essential. A retirement planner plays a key role in helping you select the right investment accounts. Individual Retirement Accounts (IRA's) offer tax advantages, with Traditional IRA's allowing pre-tax investments and Roth IRA's facilitating tax-free growth with after-tax contributions.

Both Traditional and Roth IRA's have income and contribution limits, and your attorney can guide you through these rules. For those who are self-employed or own a business, one of our attorneys can assess whether a Simple or SEP IRA is the most suitable option.

In-Person or Virtual Meetings for Your Convenience

The Alperin Law & Wealth team is available at our conveniently located offices in Virginia Beach, Norfolk, and Suffolk, VA to assist clients throughout the region. Our team is also available to meet virtually for clients across Virginia and North Carolina. Schedule a free 15-minute call today to explore how we can support your financial planning and investment needs by calling (757) 490-3500.

Scott Alperin
Experienced Estate Planning & Elder Law Attorney Serving Virginia Beach Area Clients Since 1994.