Retiring in Kentucky
Kentucky doesn’t have a specific retirement age mandated by law. That means individuals can retire whenever they choose. However, some benefits are age-related.
For example, the earliest age at which you can start receiving Social Security benefits is 62. Medicare eligibility begins at 65. If you retire earlier than that age, you’ll need to find alternative healthcare coverage.
Kentucky has a large number of retirement systems for its public employees, with benefits and retirement requirements based on what the position entails. These retirement benefits and pension plans can be complicated, so you can benefit from the help of a skilled attorney.
With Elder Law Guidance, the Elder Law Practice of Scott E. Collins, PLLC, you will always know that we are in this together. We can prevent the problems and eliminate the stress for many estate planning situations down the road that could ultimately rob you of all that you worked for and leave you without the care you need.
Smart Retirement Money Rules
We have been duped into thinking we’re doing the right things with our hard-earned dollars by the wrong people, whether it’s well-meaning family members, friends, or even human resources or business professionals claiming they know best. It’s not necessarily that the advice was wrong, it was just one-sided.
As an elder law attorney, I have seen good people lose good money. I think it’s time you learn the RIGHT rules so you don’t lose the farm or go broke in a nursing home.
Whether you’re in your 20s, 40s, or 70s, these are the smart retirement money rules no one tells you:
- Tax-deferred instruments are not your friends. Ditch the 401K and IRA. Taxes are going to go up. How else are we going to pay for our exploding national debt? With higher income taxes, those “tax-deferred” plans get taxed at a higher rate than if you had paid the taxes when you earned the money. AND, all of these investment options are built on one poor assumption: that you have a lower income in retirement than while working. If you have invested well, why would you have less income rather than more? If you have long-term health care needs, then your tax-deferred income will be lost to that care. Other options would have allowed you to shelter that money rather than simply defer the tax.
- Reduce credit expenses. Use your house instead of a credit card to build credit. Many folks in their retirement years still use credit cards. Use of a credit is important, but the interest rate on credit cards is much higher than using your home for equity lines of credit. Get rid of the card and leverage your home.
- Think about your spouse. Your income probably vanishes when you pass away, so plan. Many couples think about the present and feel secure, but once one spouse passes away, the income for that person will drop dramatically. Even how you leave your share of your joint assets to the survivor can be done in a way that harms the spouse. So get help on this type of planning now.
- Your biggest expense ever will be long-term care. Seven out of ten people will need long-term care at some point. The average cost per person is a minimum of $280,000. How prepared for that expense are most of us? Not at all.
Have More Questions? Contact Elder Law Guidance Today!
Have questions about these or other “rules”? Come see me for guidance. I can also refer you to one of my trusted CPA colleagues. I have a selective list of these professionals with whom I would trust MY hard-earned money.
Call Elder Law Guidance at 859-214-0681 for a consult about establishing your personalized life care plan or visit www.ElderLawGuidance.com for more information. We are ready to serve you.
