Why You Should Think about Your Retirement Plan Now
Retirement planning isn’t as straight-forward and easy as it used to be. Instead of working a certain number of years for one employer in return for a pension, you’re responsible for building yourself a nest egg that lasts you through the golden years. The rules for the different retirement investment options are complicated and vary in each state.
If you’re concerned about your funds lasting you through retirement, it’s time to make retirement planning a priority. I will help you demystify the process and get you started on the right track for your goals. I will take the guesswork out of retirement planning by tailoring my solutions to your situation.
How a Retirement Plan Works
The goal of retirement planning is to prepare yourself financially for when you’re no longer willing or able to work. You’re not merely saving up money to serve as your nest egg. You’re also taking advantage of compound interest and time to grow your contributions to a sizable financial cushion. In later working years, you can even make catch-up contributions to your retirement fund to help you reach your goals faster. The right retirement plan can even save you money now by reducing your taxable income. This makes it easier for you to plan for the future.
Even if your employer offers a retirement plan at work, it’s in your best interest to work with a financial advisor. Too often, employees are overwhelmed by the options presented to them, and they don’t always understand the risks and costs involved. When you work with a professional, you’ll have all the options available to you, which can include more than one investment vehicle to better prepare you for retirement.
Frequently Asked Questions
There’s no simple answer to this question. Most experts recommend saving 10% to 15% of your income for retirement. If you’re older or have saved little, you may want to contribute more. If you have other financial obligations, you may choose to save less. Regardless, make saving for retirement a priority.
Now. If you’re working, it’s a good idea to set some money aside for retirement, no matter how old you are. If you haven’t saved much and are approaching retirement, you can still build a nest egg by maximizing all your contributions. Don’t make excuses or wait any longer. Get started right now by calling me or sending me a message.
You can start receiving Social Security retirement benefits as early as age 62, although you’ll receive less than if you waited until you’ve reached full retirement age. If you were born after 1960, your retirement age is 67. You may also wait to collect Social Security benefits until you’re 70. This earns you delayed retirement credits.
Plan Your Retirement with a Professional Advisor
Even if you wait until age 70, your Social Security benefits most likely won’t be enough to support you in your retirement years. That’s why it’s a good idea to take action now and look at the other options available to you. Navigating retirement planning is a complicated process. Fortunately, you don’t have to figure it out alone. As a financial advisor, I’m here to discuss your options with you every step of the way.
Whether you’re looking at 401(k)s, 403(b)s, traditional IRAs, or other retirement plans, I’m here to help you select the plan that works for you. Do you already have a retirement plan and want to know about your rollover options? Do you want to invest in mutual funds, stocks, or bonds?
You don’t have to know all the answers. Let me do the hard work for you. We will go over your financial situation and discuss your retirement plans and goals. I will research the different investment products you’re interested in, including their level of risk and past performance. Together, we can create a retirement plan that helps you meet your financial goals.
Contact me today to discuss your retirement account investment options 716-837-3335
CONTACT ME1. Distributions from a traditional retirement account are subject to ordinary income taxes in the year distributed. Distributions prior to age 59½ may incur an additional 10% penalty.
2. In order for the Roth §403(b) account to be distributed tax-free, it must be funded for a minimum of five years and the account holder must have attained age 59½. A participant would also qualify for tax-free distributions if the account was held for five years and the account owner became disabled (under the strict definition of disability of §72(p) of the IRS code). Furthermore, in the event of the account holder’s death, beneficiaries would receive tax-free distributions if the account was held for at least five years. Otherwise, the distribution would be treated as part return of principal and part taxable earnings. A 10% premature withdrawal penalty may apply to the earnings.
Diversification does not assure a profit or protect against market loss.
All investment options are subject to employer approval.