“RETIREMENT IS NOT THE END OF THE ROAD, IT IS THE ONRAMP TO AN OPEN HIGHWAY”
Retirement Plan Financial Advice
what is your retirement plan?
No longer can you count on an employee pension plan and Social Security to cover the costs associated with FULL retirement. Today, pensions are a rarity and Social Security isn’t a slam-dunk for future generations. Small business owners have the additional concern of contributing double to a broken Social Security programs and may bear the expense of a ‘new’ program.
That’s why Uncle Sam needs you to save for retirement. That’s also why you may want to prepare. So, you may ask what are the types of retirement plans? Continue reading for more.
My Retirement Plan
Types of Retirement Plans
What does your retirement look like? Have you asked yourself “What is my retirement plan?”
You control that direction. Some retirement early, did you know there are 3 types of retirement? Personally, I like the idea of working when I want to. Does that sound like you? Here are some thoughts on the best way to answer the question “What is my retirement plan?”
Cash Flow
Emergency Savings, Reserve Planning, Debt Mangement
Protection
Insurance, deducitbles vs reserves, beneficiary designations
Investments
Suitability, Long Term vs Short Term Objectives.
Taxes
Greatest expense of your entire life.
Retirement
RMDs, Social Security, Distribution Savings Strategy
Estate
What happens when I am gone?
the most popular retirement plans
Types of Retirement Plans
Retirement Plan Financial Advice
What is the most popular retirement plan? It is an IRA. 401(k)s are very popular tool as well. Why? Which makes sense for you? Read Below
If you have a 401(k) or other workplace retirement:
Contribute enough to get any FREE money offered by your employer via the company match. This is a guaranteed gain in wealth. Do not make the mistake of missing any benefit your employer offers.
If you’ve maxed out your 401(k) or you don’t have a retirement plan at work:
Consider an IRA. There are pros and cons of for each of the four types of IRAs, including traditional and Roth IRAs. If you already know you want an IRA, consider whether if you qualify for a Roth. Do not over extend here – after tax savings provide financial independence.
If you’re self-employed or the owner of a small business:
You have the most options; consider a SEP IRA, Solo 401(k), SIMPLE IRA or profit sharing plan.
A Retirement Plan
Types of Retirement Plans
Do you feel like it is time to set up a retirement plan. You can do it yourself. Consider these simple steps to start.
- Consider how much money you spend. This will provide a target savings goal. Why is this the right amount?
- Save, take risk, save, invest, save some more. Having months/years of savings makes life easier.
- Know your social security benefits. Don’t do this on your own. Call Social Security or talk to an expert.
- If you’re short or feel uncertain. Make your plan.
- Do not be one of the people who don’t check their accounts. Monitoring progress maintains momentum.
Retire Now with BBK Wealth
Retirement, especially now, is tough. Let us lend you a guiding hand.
We provide complete, rapid and uncompromising support when you need it and will help you identify all the sources of income and related tax savings.
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RETIREMENT FINANCIAL PLAN ADVICE ♦ TYPES OF RETIREMENT ACCOUNTS ♦ RETIREMENT ADVISOR VS RETIREMENT PLANNER ♦ BEST FINANACIAL ADVISORS FOR RETIREMENT
