Retirement Planning

Retirement planning involves evaluating your current financial condition and creating a wealth accumulation strategy that will help to ensure your desired lifestyle throughout your life. Since we now expect our postworking life to last 30 years or longer, retirement planning is typically the top financial planning goal of our clients. A successful plan put into place during the wealth-building years addresses ways to maximize growth and tax-efficient distributions and takes into consideration the relative importance of leaving assets to the next generation.

 There are several ways to save for retirement:

  • Qualified employer-sponsored plans
  • Individual retirement accounts (IRAs)
  • Personal savings
  • Executive deferral plans

Qualified plans are employer-sponsored retirement plans such as 401(k)s and pension plans. Although there are contribution limits and strict distribution rules, these plans are popular because of their tax benefits. Employers often make participation even more attractive by matching all or a portion of an employee's contribution. If you are a business owner, it's important to choose the plan that optimizes benefits for the key people in your company.

IRAs are easy to establish and maintain, and also offer favorable tax incentives. They can be created by an individual or provided by an employer. Most people use IRA rollover accounts to consolidate retirement savings that were previously held in employer-sponsored plans. Our process coordinates your IRA investments with your other savings plans.

You may find that qualified plans, IRAs, and Social Security won't provide enough income to support your desired retirement lifestyle. By identifying your retirement gap, we can develop a strategy for personal savings invested outside of the traditional retirement vehicles.

Business owners or executives may have access to other tax-advantaged retirement savings vehicles. Nonqualified executive compensation is a generic term used to describe a compensation arrangement that provides retirement income—and, in some cases, death benefits—to key employees of a business.

At the heart of any retirement plan is the distribution of accumulated assets, which we often refer to as retirement income planning. The correct distribution method will help to ensure that your retirement savings last beyond your lifetime with minimum shrinkage from taxes. From premature distribution options that allow access to retirement assets prior to age 59½ to solutions intended to provide recurring monthly payments for retirement, effective retirement income planning is critical to successful retirement planning.