Financial Planning

While many of us don’t realize it, we are constantly engaged in subconscious acts of financial planning. We plan how we can best invest the limited time we have at our disposal. Would the two hours we have best be spent visiting a friend at the hospital, or would it be better invested, say, by taking in that ball game? We do some longer-term planning too: Does it pay to invest the effort studying for a degree in Arts, or would we get a better return studying to pass the Bar exam?

So, why don’t we invest the time planning our finances?

Why Retirement Savings Accounts Matter

Selecting the right retirement savings accounts is crucial for a comfortable retirement. Starting early and choosing accounts that align with your retirement goals will make it easier to achieve your savings targets. Without the right accounts, reaching your retirement objectives can be challenging.

How We Can Assist You

As you embark on your retirement savings journey, you might have several important questions:

  • When should I start saving?
  • How much should I save?
  • What amount is needed for a “comfortable” retirement?
  • Which savings vehicle is best for my retirement?
  • How do I prioritize different savings options?

Our Financial Planning specialists are here to help answer these questions and guide you through your choices. We’ll help you understand which savings vehicles suit your goals and ensure compliance with contribution limits and distribution rules to avoid penalties.

Retirement Savings Accounts Overview

  1. Individual Retirement Account (IRA): IRAs are popular retirement savings tools that offer tax-deferred growth on your contributions. You contribute pre-tax dollars, and taxes are paid when you withdraw funds in retirement.
  2. Roth IRA Account: Roth IRAs allow you to contribute after-tax dollars, meaning withdrawals during retirement are tax-free. This account is ideal if you expect to be in a higher tax bracket in retirement.
  3. Simplified Employee Pension (SEP) IRA: SEP IRAs are designed for self-employed individuals and small business owners. They allow for higher contribution limits than traditional IRAs and offer tax-deferred growth.
  4. Savings Incentive Match Plan for Employees (SIMPLE) IRA: SIMPLE IRAs are suitable for small businesses and require employer contributions, either through matching or non-elective contributions. They offer a straightforward savings option with tax-deferred growth.
  5. Traditional 401(k) or Roth 401(k) Plans: 401(k) plans, offered by employers, allow you to save pre-tax dollars (Traditional) or after-tax dollars (Roth). Employers often match contributions, enhancing your savings potential.

Value-Added Services

  • Cost-Effective Solutions: We ensure your retirement savings accounts are the most tax-advantaged and cost-effective for your situation.
  • Rollover Guidance: If changing jobs, we provide advice on whether to Rollover, Stay, Move, or Cash out from employer-sponsored plans.