Retirement Planning

When planning for your retirement, it may not look like your friends’ or family’s plans. However, that is ok! Retirement planning should be unique to the individual, with structured goals that have your needs in mind. This type of plan may include several different long-term strategies to ensure you can live out your retirement and follow your dreams.

IRAs vs. 401Ks

Some people choose to invest in an IRA and a 401K, which could be incredibly lucrative, but not always necessary. Individual Retirement Accounts, or IRAs, are often a part of retirement plans and may help you work towards your goals. Even if you already invest in a 401K through an employer, an IRA could still be a viable option to explore.

Traditional, SEP, Simple, and Roth IRAs

IRAs are not all the same. In fact, there are essential differences between them, and it’s necessary to understand those differences. Depending on your specific retirement needs, you may want to only choose one or go with a combination of some. The IRA’s can serve a wide range of purposes depending on an individual’s retirement goals. In addition to goals, many other factors go into deciding which type of IRA is right for you. These factors can include when you experience a tax break, what kind of income you have, what you can contribute, and much more.

Other Retirement Planning Options

Most people think of 401Ks and IRAs when it comes to retirement planning, but there are other options to help you achieve your goals. We can review your portfolio to see if it would make sense to set up other products or accounts such as a 403B, UTMA/UGMA, estate, trust, and many more options.

If you have any questions about your retirement planning, then give us a call! We can professionally analyze your unique portfolio and offer ways to help maximize your savings to achieve your short and long-term goals.