Retirement Planning

Why do Retirement Planning?

Are you 22 and just starting out? 55 and realizing you don’t know if you have enough to make it through retirement at your current standard of living? Retirement planning is something that will allow you to determine if you have the assets to make it through retirement. Planning will also help those assets work harder to make sure you can maintain your standard of living when you retire.

Potential Tax Free Income

Who does not want tax free retirement income? But as a catch 22, taxes will need to be paid at some point. A tax deferred investment helps you by allowing interest and dividends to grow without annual taxes. Taxes are only paid when you withdraw them. The net result means more money can work for you until you withdraw the money. On the other end of the spectrum, some financial vehicles that you pay taxes on now will allow you to pay no or less taxes at retirement. The key benefit to this option is that you will not likely have to worry about taxes when you retire. Understanding when taxes are paid, now or at retirement and which would cost the most, is an important step when choosing investments for retirement.

Interested in starting your understanding of your retirement plan options? Please contact us or make an appointment.