Retirement planning involves evaluating your current financial standing and creating an accumulation strategy that will help to ensure a desired retirement lifestyle. An individual's retirement years can span decades, and retirement planning generally dominates other financial goals. A successful plan put into place during the wealth-building life span should address ways to maximize growth and tax-efficient distributions, as well as how to leave retirement assets to the next generation.
There are several ways to save for retirement:
- Qualified employer-sponsored plans
- Individual retirement accounts (IRAs)
- Personal savings
- Executive deferral plans
Qualified plans are employer-sponsored retirement plans such as 401(k)s and pension plans. Although there are contribution limits and strict distribution rules, these plans are popular because of their tax benefits. Generally, employers will make participation even more attractive by matching all or a portion of an employee's contribution.
IRAs are inexpensive, easy to establish and maintain, and also offer favorable tax incentives. They can be created by an individual or provided by an employer. Most people use IRAs to consolidate retirement savings that were previously held in employer-sponsored plans. Our process coordinates your IRA investments with your other savings plans.
You may find that qualified plans, IRAs, and social security won't provide enough money to support your desired retirement lifestyle. By identifying your retirement gap, we can develop a strategy for personal savings invested outside of the traditional retirement vehicle.