American household wealth was hit significantly by the Great Recession, and if there’s nothing we’ve learned from the last few decades other than that planning for retirement is complicated, many people are still nervous about how they’ll afford their golden years.
The Great Recession eliminated $16 trillion in wealth across the United States by itself. In addition to this there have been major changes in estate tax exemptions and updates in the general tax code.
If the current tax laws expire in 2025 as they are scheduled to do as of the time of this post, the old advice of making money out of your retirement account as slowly and as sparingly as you can will be gone.
Retirement planning, Medicaid planning, and other estate planning options can all work together in helping you to define your own future. Reevaluating your retirement goals and revisiting these concerns can help you stay on track and make adjustments based on your age, family size, and other concerns.
In fact, many people will be bumped into their previous tax bracket despite their income staying the same. Many of us will need to rethink what it truly means to save money. Making a plan so that you can feel confident about your future also means reaching out to experienced and knowledgeable professionals in the financial and estate planning industry. Schedule a consultation with a Pasadena estate planning lawyer today.