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Retirement Planning
Decisions That Matter
Planning for retirement is all about making important choices. From deciding where to enjoy your golden years to figuring out when to claim Social Security, each decision can have a big impact on your financial future. Choosing how to invest your savings is critical so you can maintain the lifestyle you want and you don't outlive your money.
Guidance
We’re with you every step of the way. Our goal is to help you protect what you’ve built while still finding opportunities to grow. Together, we’ll work towards securing your retirement and creating a lasting legacy for the next generation.
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We help put the pieces together.
The Retirement Puzzle
Retirement is a big step and it can feel overwhelming. That's where we come in. Having a financial advisor by your side can make all the difference. We're here to help you create a retirement plan that fits your lifestyle and financial goals.
We can chat about
- Social Security
- 401(k) Rollover Options
- Required Minimum Distributions (RMDs)
- Tax Considerations
- Long-Term Care Planning
- Medicare
Retirement Account Options
When you're saving for retirement, you might have access to an employer-sponsored plan like a 401(k), 403(b), SIMPLE IRA, or SEP IRA. Each of these accounts comes with its own set of rules, benefits, and contributions limits set by the IRS. Many offer a valuable employer match.
You may also be able contribute to an IRA (Individual Retirement Account) which allows you to build your retirement savings outside of your workplace plan. IRAs offer tax benefits in two ways:
Traditional IRA. Contributions are usually tax-deductible, which can lower your taxable income now. You don't pay taxes until you retire and start taking withdrawals, which are then taxed as income.
Roth IRA. Contributions are made with money that's already been taxed, so they're not tax-deductible. When you retire and start taking withdrawals, your earnings and contributions are both tax-free.
You may also be able contribute to an IRA (Individual Retirement Account) which allows you to build your retirement savings outside of your workplace plan. IRAs offer tax benefits in two ways:
Traditional IRA. Contributions are usually tax-deductible, which can lower your taxable income now. You don't pay taxes until you retire and start taking withdrawals, which are then taxed as income.
Roth IRA. Contributions are made with money that's already been taxed, so they're not tax-deductible. When you retire and start taking withdrawals, your earnings and contributions are both tax-free.
401(k) Rollovers
When you change jobs or retire, you have a few options for the money in your employer's retirement plan. You can:
- Leave the money in the plan – if your employer allows it.
- Cash it out – this could lead to taxes and early withdrawal penalties.
- Roll it over to an IRA - which gives you control and more investment options.
- Roll it over to your new employer’s plan – if your new employer allows it.
Let's Talk!
Did You Know?
Required Minimum Distribution (RMD)
Once you turn age 73, the IRS requires you to start withdrawing a certain amount from your Traditional IRA each year.Qualified Charitable Distribution (QCD)
If you don’t need the money from your RMDs, you can choose to send it directly to a charity through a QCD. This way, you can support a cause you care about and avoid paying income tax on that withdrawal.Roth Conversion
Roth IRA conversions let you transfer money from a Traditional IRA to a Roth IRA. You pay taxes on the conversion now, but withdrawals later are tax-free.Let's Connect
We'd love to chat with you! Please share your phone number and let us know the best way to reach you.
Or schedule a meeting, phone call, or virtual meeting here.
Have any questions? Call us at 567-444-5540. We are here for you.
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