<img height="1" width="1" src="https://www.facebook.com/tr?id=1854651628150624&amp;ev=PageView &amp;noscript=1">

eldercounsel blog

Strategies to Help Your Elder Law Clients Retire Successfully

The early bird may well get the worm, but the person who begins saving for retirement early is almost assured of a comfortable nest egg. As an elder law attorney this is a key area where you need to focus attention if you hope to successfully retain and attract elder law clients in your own practice.

“People who save enough money for a secure retirement often start saving at an early age and save consistently throughout their career,” according to U.S. News and World Report Retirement Editor Emily Brandon. “It also helps to avoid taxes and fees whenever possible.”

Brandon offers 10 strategies to help people succeed at saving for retirement, that you can share with clients in your own elder law practice.

They are:

  1. Beginning to save for retirement in your 20s and 30s allows you to start generating valuable compound interest that will accumulate over decades.
  2. Set up a direct deposit from your paycheck to a 401(k), IRA, or taxable investment account, and learn to live on your remaining paycheck.
  3. As your income grows, increase the amount you divert to your savings accounts.
  4. A 401(k) match or other retirement account contribution from your employer is likely to be the best possible return you can get on an investment.
  5. Retirement savers can get a tax deduction for traditional 401(k) and IRA contributions or tax-free growth using after-tax Roth accounts. Low-income retirement savers can even get a 401(k) or IRA match from the federal government via the saver’s tax credit.
  6. High expense ratios mean a big chunk of your returns is going into someone else’s pocket instead of growing your wealth. If you choose funds with low expenses, your money will grow faster.
  7. Retirement and investment accounts often charge fees for trades, early withdrawals, failing to take withdrawals correctly, and other specific actions you might take. Get to know the rules so that you can avoid triggering fees and penalties.
  8. Some ways to make sure your purchasing power keeps up with inflation include keeping some money in the stock market, investing in real estate, continuing to work part-time at current wage levels, and maximizing your inflation-adjusted Social Security checks.
  9. Once you begin to accumulate a significant nest egg, it becomes more important to protect at least a portion of your retirement savings.
  10. It’s important to make sure you are not overly dependent on any one source of retirement income. Instead, diversify your retirement income sources so that if any one of them fails, you will still have enough money coming in from other places to pay your monthly bills.

Keeping these tips in mind will help you advise clients in your elder law practice on the value of proactive planning, and help them navigate their way into financial ease into their senior years.

If you’d like more information on increasing your practice efficiencies to retain and attract elder law clients, ElderCounsel can help.  We partner with elder law attorneys like you to do just thatfrom education to document drafting software or practice development systems. Contact us today. 


Subscribe to Blog

Share Article



Recent Posts