RETIREMENT PLANNING IN NEVADA

RETIREMENT 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

Retirement Planning in Nevada www.wealth-counselors.com 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 www.wealth-counselors.com 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 www.wealth-counselors.com 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 www.wealth-counselors.com 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 www.wealth-counselors.com 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) 823-9455.

Retirement Planning in Nevada www.wealth-counselors.com 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 89521

Phone: (775) 823-9455 Fax: (775) 823-9456