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- Investment options for income, interest growth, and legacy Building
- Investment option provided with NO CHANCE to loss of principle
- Assistance with RMD requirements on IRA Accounts
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- Retirement income and budget planning
- Help "rolling over" old accounts from previous jobs
- Many other options to get assistance with your needs
Saving for Retirement: A Brief Overview
You're working your career. You’re paying your dues. You’re making ends meet. The good news is, no matter where you are in your career, you can start making important steps toward securing your retirement – as immediately as on the very first day of your job. Don’t be intimidated by the prospect of saving for your retirement. Here are some common questions to help jumpstart the process.
What’s a 401(k)?
A 401(k) is an employer-sponsored savings tool that millions of Americans use to help prepare for retirement. In this plan, you make pre-tax contributions to your retirement plan through automatic deductions from your paychecks.
What are the benefits?
In addition to the potential for reduced taxes, your employer might “match” the contribution you make to your 401(k) to a certain percentage. A widely accepted rule of thumb is to contribute at least enough to get the full employer match if your employer offers one. If your employer matches the first 4% and you put in less than 4%, you’re essentially turning down free money. You don’t want to do that, right?
What’s an IRA?
IRA stands for Individual Retirement Account, which CNN Money described “basically as a savings account” with tax-advantaged features, making it a good way for some people to save for retirement. Similar to a 401(k), your contributions are not taxed until you withdraw the money; in fact, many people have both IRA and 401(k) accounts. One of the main differences from a 401(k) is that you have to open an IRA on your own, not through your employer.
Roth or Pretax IRA?
There are many things to take into account when deciding between saving via a Roth IRA or Pretax IRA. The simplest suggestion we can make is that if you think you’ll be making more money in the future than you do today, you may be better off choosing Roth – by paying the taxes now, the earnings will be tax-free in the future.
After working diligently for more than 30 years—so you could set yourself up financially for your golden years—the glow of retirement is finally on the horizon. Alas, it’s not time to relax just yet.
Each day more than 10,000 baby boomers enter retirement. Yet only around one-quarter of workers 55 and older say they’re doing a good job preparing for the next phase, according to the Employee Benefit Research Institute. The last 12 months before you call it a career is especially critical to putting your retirement on a prosperous path. It’s time to get your portfolio, health care, and other finances in order so you can enjoy your new life.
THE TURNING-POINT CHECKLIST
12 Months Out:
Dial back on stocks now. You still need the growth that equities provide, but even a 15% market slide in the year before you retire can erase four years’ worth of income. Cap stock exposure to around 30% in your sixties.
Raise cash. Your paychecks are about to stop. So as you downshift from stocks, move that money into a savings. Ideally you would like to have at least one year of expenses saved.
Set a realistic retirement budget. We will use a retirement-income planner to list all of your fixed and discretionary expenses.
6 Months Out:
Play out Social Security scenarios. You can claim Social Security at 62, but if you can hold off until 70 your checks will be 76% bigger. SSA.gov has a free Social Security Income calculator to find the best strategy for you.
Figure out how you’ll pay for health care. Check if your company offers retirees medical, long-term care, and other insurance coverage. If your company dosen't offer insurance coverage and you aren’t yet 65 (when you qualify for Medicare, We can help you with that!!), then compare plans offered via the Affordable Care Act at HealthCare.Gov.
3 MONTHS OUT:
Begin the rollover process. In a small 401(k) plan, average fund expenses can run higher than 0.6% of assets. You can cut those fees at least in half by shifting into index funds at a low-cost IRA provider. We provide access to over a hundered different insurance/investment companies to truly shop around for the best product to fit your needs.
Sign up for Medicare. Nearing 65? We can enroll you for Medicare up to three months before turning that age. Also, figure in supplemental plans to cover expenses that Medicare does not, such as dental care and prescription drugs.
Get a running start. Put your post-career itinerary into action. Research volunteer groups that you want to join, reach out to contacts if you plan to keep a hand in work, start a new exercise routine, or begin planning that big trip!!!
Final Year Before Retirement Checklist
Be sure to move your money from High to Low risk investments approaching retirement.
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"13 Those that be planted in the house of the LORD shall flourish in the courts of our God. 14 They shall still bring forth fruit in old age; they shall be fat and flourishing" (KJV)