- How can I start investing for my retirement?
- How can I plan for my children's education?
- How do I develop an investment strategy that supports my lifestyle?
- I have money to invest. Where do I begin?
- As a business owner, how do I plan for my own and my employees' needs?
- How can I lower my tax bill?
- How can I ensure the financial security of my family?
- How can I ensure that my wealth is transferred to my loved ones?
- How can I manage my short-term needs while maintaining my long-term financial goals?
CHOOSE BY LIFE EVENT
HOW WE APPROACH YOUR NEEDS
Good Earning Years
Take Advantage of All Your Options
If you've been working for several years and are only now starting to think seriously about retirement, you're not alone. Maybe you're already saving for retirement but haven't put all the pieces together. Or maybe you haven't started saving yet. The good news is you're not too late to get on the right track. You can still benefit from tax advantages and potential compounding of your money.
Mid-Career Single
Let's take a look at a single person in her early 40s who began saving money for retirement two years after she started her career. When she retires, she hopes to expand her gardening hobby by opening her own greenhouse. To achieve this goal, she contributes to a 403(b) retirement plan [similar to a 401(k)] every year.
She recently transferred to a 403(b) plan with Edward Jones and now has a person to talk with face to face about her investments rather than calling a 1-800 number. In addition to making 403(b) contributions, she fully funds her Roth IRA and will take advantage of catch-up contributions when she turns 50.
With the goal of retiring in her mid-50s in mind, her financial advisor discussed systematic withdrawals, which would allow her to take money from her traditional IRA without paying penalties. This could help pay for her living expenses as she grows her business.
Strategies For Good Earning Years
- Roth IRA
- Rollover Into an IRA
- 401(k), 403(b), 457(b)
- Low-interest Credit Card
- IRA Conversion
- Monthly Investing
- Develop and review a monthly budget
- Avoid and reduce high-interest debt
- Review your annual Social Security statement to make sure it matches your W-2
Six steps to developing a strategy for retirement.
Start here »Ask For a Complimentary Retirement Plan Review
For a complete, personalized report and recommendations on how to help make your retirement goals a reality, contact your local financial advisor.
