• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Levine, Furman & Rubin, LLC

East Brunswick Estate Planning Attorneys

Attend a Free Seminar 732-238-6000
  • Home
  • Our Firm
    • Advantages of Working With Our Firm
    • Attorneys and Staff Profiles
    • Communities We Serve
      • Mercer County
      • Monmouth County
        • Freehold Township
      • Middlesex County
        • East Brunswick
        • Edison
        • Monroe Township
        • Old Bridge Township
      • Ocean County
        • Jackson Township
        • Lakewood
    • Founding Attorneys
    • Multimedia
    • News & Events
    • Our Services
    • Speaker Connection
  • how we can help
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Wealth Planning
    • LGBTQ Estate Planning
    • Loss of a Loved One
    • Special Needs Planning
    • SECURE Act
    • Trust Administration & Probate
  • elder law
    • Caregiver Guidance
    • Coping With Alzheimer’s
    • Medicaid Planning
    • Veteran’s Benefits
  • Seminars
  • RESOURCES
    • DocuBank
    • Educational-Alerts
    • Elder Law Reports
    • Estate Planning Articles
      • The Importance of Retirement Planning
      • Reasons to Create a Living Trust
      • What to Include in Your Will
    • Estate Administration Consult Form
    • Newsletters
    • Pre-Consultation Form
    • Reports
    • Special Needs Resources
    • Trust Administration And Probate Resources
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Trust Administration & Probate Definitions
  • Reviews
    • Our Reviews
    • Review Us
  • Blog
  • Contact Us
Home » Blog » Creating a Strong Retirement Plan

Creating a Strong Retirement Plan

September 7, 2010 by Roger Levine, Estate Planning Attorney

Do you know how you will pay for your living expenses when you retire? If you don’t have enough retirement savings, you may have to continue working longer than you would like, or if you are unable to work, you may have to sell assets to pay bills. If you don’t currently have a plan in place, or if you haven’t given much thought to your plan, you should consider your retirement savings options.

Work Retirement Account

The first place to start any retirement savings plan is at work. Many employers offer a 401K or pension plan. If your employer offers a pension plan, you will receive a certain amount each year after you have retired. With a 401K plan you can allot part of each paycheck, before taxes, to go into your account.

If your employer offers a 401K match program, this means they will contribute a percentage of what you put into your account. This employer contribution is free money, so take advantage of it by contributing as much as you can up to the yearly limit. The limit for 2010 is 16,500. If you are over 55, you can contribute an extra 5,500.

Personal Retirement Account

Beyond a work retirement account, you should also consider a personal retirement account. Two common types are Roth and Traditional IRAs. With a Roth, the money you put in is taxed and your later withdrawals are tax free (and if you don’t need funds in a particular year, you are not required to take out any part of the Roth IRA). A traditional IRA, is tax-free contributions like your 401K.

You will also have a yearly contribution limit for your IRAs. The 2010 limit is 5,000 with a 1,000 catch-up provision for those over fifty. If you are over fifty make sure to take advantage of any catch-up retirement programs.

Social Security

Social Security retirement benefits are available to any American who works for at least ten full years. Once you reach 62, you can apply for benefits. If, however, you wait until your full retirement age which is currently 65 to 67 depending upon birth year, your payment will be much larger. At full retirement age, you will receive about forty percent of your pre-retirement income.

Investment

Besides saving money, you must also focus on investing. To find good investments you can either research your options or speak with a financial advisor. Investing your savings allows your money to work harder so you don’t have to. But be careful, there is always a risk.

  • Author
  • Recent Posts
Roger Levine, Estate Planning Attorney
Roger Levine, Estate Planning Attorney
Roger N. Levine is a co-founder of the East Brunswick, New Jersey law firm of Levine, Furman & Rubin, LLC.
Roger Levine, Estate Planning Attorney
Latest posts by Roger Levine, Estate Planning Attorney (see all)
  • Benefits of Choosing a Nursing Home in Advance - July 5, 2022
  • You Say You Don’t Need An Estate Plan? - June 24, 2022
  • Estate Planning: Have You Provided For Your Pet? - June 20, 2022

Primary Sidebar

Levine, Furman & Rubin, LLC

Levine, Furman & Rubin, LLC

NEWSLETTER SUBSCRIPTION

FOLLOW US

  • Facebook
  • Instagram
  • LinkedIn
  • Twitter
  • YouTube

WHERE WE ARE

East Brunswick (Main Office)
F-3 Brier Hill Ct.
East Brunswick, NJ 08816
Phone: (732) 238-6000
Fax: (732) 238-6055

MAP

Map

SATELLITE OFFICE

Jackson (Satellite Office)
19 N County Line Road Suite 3
Jackson, NJ 08527
Phone: (732) 238-6000
Fax: (732) 238-6055

OFFICE HOURS

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 5:00 PM

Footer

Levine, Furman & Rubin, LLC

Levine, Furman & Rubin, LLC

Levine, Furman & Rubin, LLC

East Brunswick (Main Office)
F-3 Brier Hill Ct.
East Brunswick, NJ 08816
Phone: (732) 238-6000
Fax: (732) 238-6055

Map/Location

Map

Office Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 5:00 PM

Jackson (Satellite Office)

19 N County Line Road Suite 3
Jackson, NJ 08527
Phone: (732) 238-6000
Fax: (732) 238-6055
Map

Office Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 5:00 PM
  • Facebook
  • Instagram
  • LinkedIn
  • Twitter
  • YouTube

The information on this website is for general information purposes only. Nothing on this or associated
pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. This
information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.
Privacy Policy | Terms of Service | Disclaimer | Site Map | Powered by American Academy of Estate Planning Attorneys
© 2023 Levine, Furman & Rubin, LLC. All Rights Reserved.