Retirement Planning

Benjamin Franklin famously said that “a penny saved is a penny earned.” This couldn’t be a more accurate description of retirement planning. The essence of retirement savings is that you are putting away money to pay yourself once you get to an age that you can’t (or don’t want to) work anymore.

There is never a bad time to start saving, but the sooner the better. The longer you save, the more you can take advantage of compound interest. When your money is invested, it earns interest. As you accrue more interest, that money is added to the initial money you invested and it earns interest too. Thats right, your money makes money while it’s invested.

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So how do you do it? Well, sure, you could just stuff cash under your mattress, but it would never earn interest. In fact, you would lose money because all currency loses value over time due to inflation. This is where the federal tax code comes in. There are several strategies for saving money outlined in the tax code, and most of them are tax advantaged, meaning they save you money on taxes in one way or another.

Our goal is to help you take advantage of the plans that are available for you. There are many directions you could go, but we will help you create the best retirement planning strategy for your situation. Even if you have access to a pension or 401k through your job, you can still have an IRA for extra savings. If you lose or change your job, we can also help you roll over your retirement into an IRA so you maintain easy access to your savings.

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IRA

An Individual Retirement Account, or IRA, is a type of investment account that is tax advantaged, but puts some limitations on your access to your funds because of these advantages. There are different types of IRAs, traditional and Roth, and they differ on when you pay taxes on your money. There is a penalty of 10% if you withdraw your money before age 59½. IRA contributions are also limited — you can contribute $6,000 per year, or $7,000 per year if you are 50 or older.

Retirement Rollover

What happens if you lose your job or change jobs and you had a 401k savings plan with them? In some cases you can leave your savings there, but most often it is more beneficial to you to roll that money over to an IRA. This can be especially helpful if you have had multiple jobs that offered a savings plan. You definitely don’t want to forget about the money you worked hard to save! Tell us your situation, and we’ll help you make the right decision for your savings.