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Retirement Planning

The Financial Planning Process:

  • Establishing and Defining the Client-Planner Relationship: We believe that trust and open communication are the cornerstones of a successful financial planning relationship. Before delving into your financial goals and objectives, we take the time to get to know you, your values, and your unique circumstances. By understanding your personal and financial aspirations, we can tailor a plan that's specifically designed to meet your needs.

  • Gathering Client Data and Setting Goals: We work closely with you to gather comprehensive information about your financial situation, including your income, expenses, assets, liabilities, and risk tolerance. Using this data as a foundation, we collaboratively establish clear and realistic financial goals that reflect your priorities, whether it's saving for retirement, funding education, buying a home, or starting a business.

  • Analyzing and Evaluating the Client's Financial Status: With a thorough understanding of your financial landscape and goals, we conduct a detailed analysis to assess your current financial status. This involves evaluating your investment portfolio, insurance coverage, tax situation, estate planning documents, and other pertinent factors. By analyzing your financial strengths and weaknesses, we can identify opportunities for improvement and develop strategies to optimize your financial well-being.

  • Developing and Presenting Financial Planning Recommendations: Based on our analysis, we develop comprehensive financial planning recommendations tailored to your specific needs and objectives. We present these recommendations in a clear and understandable manner, outlining the rationale behind each strategy and its potential impact on your financial future. We take the time to address any questions or concerns you may have, ensuring that you feel confident and informed about the proposed plan.

  • Implementing the Financial Planning Recommendations: Once you've reviewed and approved the financial planning recommendations, we work diligently to implement the agreed-upon strategies. This may involve opening new investment accounts, purchasing insurance policies, revising estate planning documents, or making adjustments to your existing financial arrangements. Throughout the implementation process, we keep you informed of our progress and ensure that everything is executed according to your wishes.

  • Monitoring and Reviewing the Financial Plan: Financial planning is not a one-time event but an ongoing process that requires regular monitoring and review. We schedule periodic meetings to assess the progress of your financial plan, review any changes in your life circumstances or goals, and make necessary adjustments to ensure that your plan remains aligned with your objectives. By staying proactive and adaptive, we help you navigate life's twists and turns while staying on course towards your financial goals.

Why Retirement Savings Accounts Are Important

The best way to help plan for a comfortable retirement is to select a retirement savings account(s) that matches your retirement objectives – and to contribute to it as much of your earnings as possible from the start. Without establishing the proper accounts you'll likely find it extremely difficult to meet your retirement savings goals later on.

What We Can Do For You

As you start planning your savings for retirement, you'll likely have many questions, such as:

  • When should I start saving?
  • How much should I save?
  • How much will I need for a "comfortable" retirement?
  • What’s the best vehicle for me for saving for my retirement?
  • Which "pot" of retirement savings should I tap into first?

We will help you navigate the plethora of saving options available to you, some of which include:

  • Individual Retirement Account (IRA): This is the most commonly used savings account available to Americans saving for retirement. If a company-sponsored retirement plan isn't available, IRAs provide the opportunity for tax-deferred savings. While you're working, tax-deductible "contributions" (up to an eligible amount) can be deposited into the account. You pay taxes only when you withdraw funds in retirement.
  • Roth IRA Account: Roth IRAs differ somewhat from traditional IRAs– which allow for tax-deferred growth of retirement savings– in that the money deposited into these accounts comes from "after-tax" dollars. Subsequently, when you make withdrawals from a Roth account, if you meet certain requirements, you are not taxed. Additionally, your savings within the account also grow tax-free.
  • Simplified Employee Pension (SEP) IRA: Some employees may have access to employer-sponsored SEP-IRA accounts. These are similar to traditional IRAs but are employer-sponsored with potentially higher contribution limits.
  • Savings Incentive Match Plan for Employees (SIMPLE) IRA: This is yet another retirement saving plan available to working Americans saving for their retirement. SIMPLE-IRA plans mandate an employer-matched contribution and are ideal for smaller businesses (less than 100 employees).
  • Traditional 401(k) or Roth 401(k) Plans: Like individual and Roth IRAs, employers can offer staff traditional 401(k) plans and Roth 401(k) plans to their employees. We have the knowledge and experience to help your business select the most appropriate type of ERISA plan
  • Value-added Services: We'll not only help you choose the most appropriate retirement savings accounts for you but also help ensure they are the most cost-effective and tax-advantaged for your particular situation. If you switch jobs, we’ll also advise you on whether it makes sense to roll over, stay, move, or cash out from an employer-sponsored retirement savings plan.

For Employers:

We will help you navigate the complicated world of ERISA plans and help you select the most appropriate plan based on the following:

  • Are tax benefits to owners a primary concern?
  • How important is it to maximize benefits to the owners?
  • How important is it to attract/retain new employees?
  • What are the employee demographics?
  • Is there a group of employees unlikely to participate?
  • Is company cash flow consistent and stable?
  • Should employee contributions be flexible or fixed?
  • Is the company growing?
  • What type of business entity is the plan sponsor?

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