Retirement Planning

Retirement-Planning-in-Baltimore-Lutherville-Towson-MDYour golden years can be among the best years of your entire life, but retirement planning is the key, because it can go one way or the other. Unfortunately, far too many people do not understand the fact that it can take a focused effort for an extended period of time to accumulate the resources that you need to retire in comfort. One popular misconception is the idea that Social Security will take care of most of your expenses, and Medicare will cover all of your health care costs when you reach the age of eligibility. In fact, nothing could be further from the truth.

The average annual Social Security payout is very modest, and there are significant out-of-pocket expenses that go along with Medicare coverage, including co-payments, deductibles, and monthly premiums. These benefits will help, but you have to take control of your own future through the implementation of an intelligent retirement planning strategy, and the sooner you get started, the better.

There is another aspect to the retirement planning equation that a significant percentage of people overlook. Over 70 percent of people who are reaching the age of 65 will someday need long-term care.  Assisted living communities and nursing homes are very expensive, and Medicare does not pay for custodial care. If you have to pay out of pocket, the expenses could quickly absorb everything that you intended to leave to your loved ones after you are gone.

Estate taxes and inheritance taxes can be part of the equation as well, and in addition to the federal estate tax, we have both of these taxes on the state level here in Maryland at the time of this writing. Through the implementation of the proper retirement planning and estate planning techniques, you can take steps to gain tax efficiency for the benefit of your loved ones.

Contact Moshe Pelberg, CPA

Moshe Pelberg has helped countless clients reach their retirement goals over the years, and he can do the same for you. He was continually built on his reputation as a low key but effective communicator, and his client satisfaction rate has earned him an Angie’s List Super Service Award. If you would like to implement a custom crafted retirement plan that leads to safety and security during your senior years, contact Moshe Pelberg right now at 410-963-1247 or by e-mail at