You have many options when it comes to protecting your assets before and after retirement. Here at Homeland Estate and Financial Services, we pride ourselves on giving you the best financial services available. One of our experienced consultants can help you make the right decision for you and your family, completely taking the guesswork out of the equation and providing the reassurance you need.
Knowing which of our options to choose can be difficult, especially when you think long-term. You want to make sure your assets are protected so you and your family members won’t have to worry about them in the future. Two great ways to do this are through a Roth IRA and estate planning. Though these are both very different options, each carries its own specific benefits.
Roth IRA
If you’re looking for a great retirement investment option you can depend on, consider a Roth IRA. It’s simple to get started, can be easily maintained and gives you tax advantages that will enable you to increase your wealth while adding to your savings over a long period of time.
A Roth IRA (individual retirement account) is a savings account specified for retirement that allows you to pay taxes up front on the money you invest in it. Because you are paying income taxes before putting the money in, you won’t be required to pay them after you retire. Upon turning 59 and ½ years of age, as long as you’ve had the IRA for at least five years, the growth it receives as well as any withdrawals made after that time are tax-free.
If you have an IRA but don’t want or need the income from the required minimum distributions, you can convert other assets you already have using a Legacy Plan. You may even be able to accomplish this with little to no tax consequences.
A traditional IRA can be converted to a Roth without giving away any future income and with no consequences to your taxes. That way you can still hang on to your assets.
Estate Planning
Any time you think about retirement and beyond, you should consider estate planning. This is where you will put all your affairs in order so your loved ones won’t find themselves one day going through probate.
You may want to choose estate planning as a way to protect your assets and if you want all your affairs to remain private. Often times, people don’t want the public to be made aware of their financial business so they will choose this option to protect their information.
Estate planning also enables you to avoid probate, ensuring, unlike a will, that your assets are disseminated per your wishes. This can also provide much-needed peace of mind, which is worth more than the personal assets you seek to protect.
When making a choice, remember our consultants are here to go over all your options so you will better understand how each will affect your assets. Contact us today to learn more about how to get the most out of your retirement.
