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Retirement Planning

What You Should Know about Retirement Planning

Client Centered

If you want to prepare for your financial future, you should contribute to a retirement account. Retirement planning is important, because the Social Security benefits you may be entitled to are probably not enough to live on. Besides Social Security, you will probably need distributions from a 401(k) or 403(b), withdrawals from your IRA, or income from other savings and investment accounts.

Our retirement planners can help you calculate your income needs during retirement and set up your investment accounts to prepare your financial future. Which retirement accounts and investment options are suitable for you will depend on your goals and objectives. To recommend the appropriate mix of assets in your portfolio, we also need to understand your timelines and your current financial situation.

What Type of Retirement Funds Do You Need?

Retirement looks different for everyone. Some people continue working part time, while others want to travel the world or start a new business. How much money you need during retirement depends on your living expenses and lifestyle goals. When you retire, you want to have multiple streams of income to cover your monthly costs. These can include:

  • Social Security income
  • Distributions from an employer-sponsored retirement plan 
  • Withdrawals from your individual retirement accounts
  • Income from your personal savings and investment accounts

We create your investment portfolio in your retirement account specifically with your preferences in mind. If you have a high risk tolerance, you will have a higher stock allocation in your portfolio whereas someone with a shorter timeframe or lower risk tolerance may have a higher percentage of bonds. Of course, we still make sure your assets are well diversified to reduce your overall investment risk. 


*There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.

<span style="font-weight: 400;" data-mce-style="font-weight: 400;">Traditional vs. Roth Retirement Accounts</span>

Traditional vs. Roth Retirement Accounts

When you set up your retirement account, you’ll have a choice between a traditional and a Roth account. Traditional retirement accounts allow you to invest your pre-tax income, providing you with a tax deduction for the current year while saving for retirement. When you withdraw the funds during retirement, you will pay income taxes when you might fall into a lower tax bracket.

Roth retirement accounts let you use your after-tax income to save for retirement. While you can’t deduct your contributions, all of your earnings and withdrawals during retirement will be tax free. The advantage to Roth accounts is that you won’t have to worry about paying income taxes in retirement. Many people use a mixture of both types of accounts to maximize their retirement contributions and minimize taxes.

FAQs about Retirement Planning

Is It Too Late for Me to Create a Retirement Plan?

No. Even if your retirement is only a few years away, it’s not entirely too late to plan for it. While you may see the same results as someone who has spent decades saving and planning for retirement, you can still create a portfolio that will pursue a desirable returns on your investment.

How Much Do I Need to Save for Retirement?

There is no simple answer to this question, because everyone’s income needs differ. How much you need to save depends on how much time you have for growth potential of your investments, how much you need to live on during retirement, your projected life expectancy, and your risk tolerance for investing. We’re happy to look at your current income and assets to help you come up with a goal for your retirement fund.

When Can I Retire?

You can receive Social Security benefits as early as age 62. Your IRA will let you make withdrawals without penalties when you’re 59 ½. And if you have enough savings and investments to carry you through, you can retire whenever you’re financially ready. The regular retirement age for Social Security benefits is 67, but you can increase your benefits if you can wait until age 70.

Is Social Security enough to Live On?

Most people have to supplement their Social Security income. They work part time, they live with someone else who has another form of income, or they receive money from a retirement or investment account. We can calculate what your Social Security benefits might add up to. Then we set you on track that seeks to grow wealth in your retirement account that helps you make up the difference in your income needs.

It’s Time to Plan Your Retirement

Don’t wait to plan your retirement any longer. The more time you have, the longer your money can work for you, allowing for growth potential of your wealth. Call us today to schedule an appointment with us.

Let's Get You On Track For A Confident Retirement!

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