RETIREMENT PLANNING IN NEVADA

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1 RETIREMENT RETIREMENT PLANNING IN NEVADA PLANNING IN NEVADA The purpose of retirement planning is to be prepared for the period of your life when you stop working full-time. You need to consider all aspects of your life, including non-financial aspects, such as maintaining the standard of living to which you are accustomed. BRADLEY B. ANDERSON RENO NEVADA RETIREMENT PLANNING ATTORNEY

2 It is time to start planning for your retirement. It is better not to rely on your Social Security retirement benefits to be enough to secure a comfortable retirement. The best idea is to plan ahead, by using a customized retirement plan, including IRAs, annuities and other devices. Your retirement planning attorney can discuss your options and any related tax issues that must be considered. WHAT IS A RETIREMENT PLAN? Retirement planning is the process of determining how much income you will need for a comfortable retirement. That will be your income goal. Then you must determine what actions need to be taken to achieve that goal. You need to identify the sources of income you need to have. You also need to estimate what your expenses will be, in order to make sure you have those costs covered. You will decide on a savings program, as well as a method for managing your assets, in order to achieve your overall goals. Retirement Planning in Nevada 2

3 WHAT IS THE GENERAL PURPOSE OF RETIREMENT PLANNING? The purpose of retirement planning is to be prepared for the period of your life when you stop working full-time. You need to consider all aspects of your life, including non-financial aspects, such as maintaining the standard of living to which you are accustomed. Consider where you want to live and how you intend to spend your time. WHAT DOES RETIREMENT PLANNING INCLUDE? The most efficient way to plan for your future and your family s future is to tackle both retirement and estate planning together. Retirement planning plays a significant role in your family s future support as well. With proper planning, you will be able to arrange your retirement assets so that you save on taxes and protect those assets from creditors. Some of the important elements of a proper retirement plan will include: Beneficiary designations Incorporating retirement goals into an estate plan Early withdrawal from retirement plans Retirement Planning in Nevada 3

4 401(k)s IRAs Pension plans HOW DO I PREPARE TO CREATE MY RETIREMENT PLAN? The first step is to evaluate your assets, so you can have a clear picture of the extent of your savings, investments, property, and other financial assets. You need to locate and organize all of your important legal documents, such as any wills, trusts, property deeds and life insurance policies. The final step before actually creating your plan, is to identify your goals for financial security. HOW DOES A RETIREMENT PLANNING ATTORNEY HELP? The role of your retirement planning attorney is to discuss your objectives and concerns, and recommend the investments that should be used to achieve them. A specific recommendation will be made as to the type of comprehensive retirement plan you require. Once the plan is agreed upon, then your attorney will assist you in implementing that plan in an organized, systematic way. RULES AND REGULATIONS GOVERNING RETIREMENT ACCOUNTS Individual retirement accounts (IRAs) and 401(k)s are governed by federal rules and regulations, of which your retirement planning attorney should be very Retirement Planning in Nevada 4

5 familiar. These regulations determine when the account can be cashed in and how much you will owe in taxes when the money is withdrawn. With appropriate planning, an IRA or 401(k) can serve more as an investment than simply a savings account, and exceedthe original inheritance amount. BE SURE TO REVISIT YOUR RETIREMENT PLAN The aspects of your retirement plan that are most important may change throughout your lifetime. As you enter different stages of your life, your needs and goals will likely vary. For instance, early in life the main focus is making sure sufficient money is set aside to meet your needs once you start working. However, as you get closer to retirement age, your emphasis may shift to more lifestyle-related goals. For these reasons, it is important to revisit your retirement plan at some point to be sure your needs or desires are still being met. WHAT IF I WANT TO RETIRE EARLY? Being able to retire early requires essentially the same amount of planning. It may require a few additional considerations. The first step is determining what your target retirement date or age will be. At that point, you must determine Retirement Planning in Nevada 5

6 what your life expectancy will be in order to determine the number of years of retirement income you will need. If you have questions regarding retirement planning needs, please contact Anderson, Dorn & Rader, Ltd., either online or by calling us at (775) Retirement Planning in Nevada 6

7 About the Author BradleyB. Anderson Prior to founding his own firm in 1995, Mr. Anderson served as a senior counsel for two major financial institutions and witnessed the often devastating effects of ineffective estate planning with many customers of those institutions. When he eventually decided to venture out on his own, this experience led him to focus exclusively on estate planning, providing his clients with a full range of basic and advanced planning options. Mr. Anderson began his professional life as a teacher of mentally-challenged, visually impaired students. After four years as a special education teacher, Mr. Anderson returned to school to obtain his law degree and begin a second career. Upon finishing law school, he went to work for a civil litigation firm, spending five years handling litigation, probate and wills work. He then moved on to Wells Fargo Credit Corporation where he served as senior counsel. In 1990 he accepted a position with the First Interstate Bank Legal Division, where he had responsibility for several divisions, including the Trust Department. In 1995, he began his own practice as Bradley B Anderson, Attorney at Law. The firm has continued to grow into the premier estate planning law firm we see today. Anderson, Dorn, & Rader, Ltd. Legacy and Wealth Planning Attorneys 500 Damonte Ranch Parkway Suite 860 Reno, NV Phone: (775) Fax: (775) Retirement Planning in Nevada 7

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