Tag Archives: elder law

All About Types of Retirement Plans

Retirement is one of life's biggest worries and thus planning for a suitable retirement scheme plays an important role in providing a source of income in an individual's retired life. Believe or not, the retirement life of a person can span up to a third of a lifetime of an individual.

Thus planning properly for your retirement is like saving for a 25 year long vacation. Thus, to afford an expense of that magnitude, one has to properly start planning from an early stage of life. You can explore the web, if you need to know to know more about Montecito senior law lawyer.

Types of retirement plans that are mainly sponsored by the employer:

1) 401(k) plans:

For company 401(k) plans, employee contributions grow tax deferred and thus there are strict penalties for early withdrawals. Usually companies offer only one of the following 401(k) plans: Safe harbour 401(k), Traditional 401(k) or Simple 401(k) plans.

Image result for retirement plans

Whereas some of the companies also offer a Roth 401(k) plan which allows the participants to make either an after tax or a pre-tax salary deferral contribution. 

2) Simple IRA:

It is a retirement plan i.e. mainly meant for employers who are managing a company of less than 100 employees. In this case the employee contribution is not mandatory. However, regardless of the fact that whether the employee contributes or not, the employer has to definitely contribute.

The employer has the authority to choose whether to make matching or non-elective contributions. For additional information regarding the same, you can seek the guidance of your financial councillor.

A Lawyer for Any Occasion

 

All of the areas of expertise require a deep understanding of general law procedures and parameters. However, each area of law specifies how it can protect or defend individuals, groups, or organizations in the many aspects of trauma, tragedy, criminal activity or necessity. You can get more information about Natick multi-generational estate attorney via web.

A lawyer may specialize in bankruptcy, criminal, civil rights, family, legal malpractice, or military law. There are a least 29 separate areas of law for an attorney to train and pursue in practice for a life long career.

As an individual, a family, small business, or corporation you may hire a lawyer on a needed basis or as on a retainer. This simply means that a particular attorney or law firm will represent you, your cause, contracts, or criminal defense should a situation arise. He or she will be available for the advice, counseling, mediation, and representation as long as you maintain your retainer agreement.

 It is time and effort consuming to delve into the lives, records, and evidence required for any one of these areas of the law. There is always someone or some group on either side of the fence, and there will be an attorney right beside them defending their cause, their property, and their rights. 

Lawyers provide multiple degrees of legal services. He or she can provide counseling for those who would like to find out what their rights are in a particular business or personal transaction or contract.