An Elder Law Attorney Guide to Understand About Income Sources After Retirement

Elder law attorneys are advocates for elderly people and their families. They handle a wide range of legal matters that affect the elderly or disabled, which includes issues related to retirement, health care, plans for long term care, guardianship, Medicare/Medicaid, Social Security, and other important matters. Elder law attorneys, in many ways, are “specialists” as they focus on the needs of the elderly, which are often different and more specialized than needs of the younger adults. If you need the help of an elder law attorney, you should make sure that you choose the top law firm Sonoma County.

How an Elder Law Attorney Can Help You Understand About Income Sources After Retirement

Here is a look at some of the ways that an elder law attorney can help you understand about income sources that are available after you have retired. In most cases, the elderly will have sources of income during retirement from the following:

1. Social Security: One of the retirement income sources that an elder law attorney will inform you about is Social Security benefits. Such benefits play a large role in the source of income available to many older people. In fact, for some elderly citizens, these benefits are the only source of income they have. Your elder law attorney will provide important information on Social Security benefits, and how they can provide you with a source of income when you retire.

2. Retirement Savings: Besides Social Security, retirement savings is the only supplementary income source that senior citizens without pensions have. Your elder law attorney will explain the importance of making sure that you save enough to prevent you from drawing your principal down too fast. When this occurs, you can end up without any savings during the later stage of your retirement.

3. Pension Income: For decades, pension income was an important source of income during retirement. Nowadays, many people who work in the private sector are no longer provided a defined benefit pension by the employers. Although workers received a monthly income from retirement through traditional defined benefit pensions until they passed on, this option is no longer available for a large number of workers.

If you want information on various options you have for sources of income during your retirement years, you should consult a reputed elder law attorney. With the help of a lawyer from a leading law firm Sonoma County, you can create a good retirement plan so that you can live comfortably during your retirement years.

To find out more about retirement plans, you should seek the help of Johnston & Associates Law where an experienced elder law attorney can help you understand more about the different sources of income available to you after retiring. For more information, visit johnstonassociateslaw.com or call today.