Retirement Planning - Plan Ahead Now, Reap the Benefits Later
Whether you're already retired, close to it, or just getting started in your career, it's never too early to start thinking about retirement planning. Often life gets in the way and retirement planning is put on the back burner, until suddenly, retirement is right around the corner.
Some of the benefits of starting your retirement planning now instead of later include:
- Providing long-term security for yourself and your family's future
- Tax-free contributions - Pre-tax contributions are subject to income tax only after withdrawal, typically when you retire
- Protection from bankruptcy creditors if you need to declare bankruptcy
- Planning can enable a more appropriate selection of retirement plans (IRAs, SIMPLE Plans, SEP plans, Keogh plans, and 401(K) plans to name a few) to meet your needs
The key to successful retirement planning is an understanding your current financial situation and projecting future needs and developing a plan to make sure it happens. If you've already started saving for retirement, do you know you're saving enough to meet future needs? Is your money in the right retirement plan for you?
Our Retirement Planning Services
Tax rules regarding retirement plans are complex. Each benefit plan has specific requirements as outlined by the IRS, including individual participation restrictions. Contribution limits vary by the type of plan, your income, and your age. Some plans may require withdrawals at a certain age, while others have no age limit. Some withdrawals are taxed at retirement, whereas others are tax free. You will want understand the tax implications of your retirement planning choices.
Here's what we do for you:
- Evaluate your current financial situation, including assets and liabilities to achieve an overall value for your estate
- Calculate the best way to withdraw funds from your 401K, IRA, Roth IRA, and other retirement plans, for example lump sum or installments over a certain period of years
- Create a budget that meets your retirement goals
- Review your individual Social Security account to determine when to begin taking your social security benefits
- Figure out which retirement plan works best for you and your family and how much you need to contribute to ensure future needs are met.
- Develop a comprehensive retirement plan, keeping in mind that it is likely to change over the years as your life changes
Start Planning Your Financial Future Now
There's no time like the present to start planning your financial future. We can help you make sure your retirement years are financially secure.