Before You Plan ClipArt
August 19th 2022

“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.

  1.  Consider how much money you spend.  This will provide a target savings goal.  Why is this the right amount?
  2.  Save, take risk, save, invest, save some more.  Having months/years of savings makes life easier.
  3.  Know your social security benefits.  Don’t do this on your own.  Call Social Security or talk to an expert.
  4.  If you’re short or feel uncertain.  Make your plan.
  5.  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.

Do you want to win at life?  Share this!

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