- 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
Higher Income & Savings Years
Maximize Your Savings
If you're at the height of your career, you should consider taking full advantage of all of your retirement savings options. By saving as much as you can in several types of accounts, you may have more flexibility when you retire.
Mid Career Family
A married couple in their early 50s are disciplined savers with high-school-aged children. He's an executive and she does volunteer work in the community. Since he's been eligible, he has funded his 401(k) and currently puts in the maximum contribution.
Because he makes more than $160,000, he isn't able to contribute to a Roth IRA. But now that his company offers a Roth 401(k) option, he has the flexibility of tax-free and taxable retirement income. Starting in 2010 he will be able to convert his Traditional IRA to a Roth IRA through an IRA Conversion. In the mean time he is taking advantage of the Roth option in his 401(k)."
Because of the additional contributions that can be made tax-deferred, they also purchased an annuity, which doesn't have contribution limits. He also funds a nondeductible IRA for his wife, and they are taking advantage of her catch-up contribution.
Because of their busy lifestyle, they have a portion
of their investments managed under the Edward Jones Managed Account Program (MAP).
She recently inherited her father's IRA, and in order to continue the tax benefits, she is "stretching" it by taking only the required minimum distribution each year. They are automatically investing that money into their joint account so that it has the potential to grow during their retirement years. They also plan to purchase adequate insurance so they can help protect their nest egg and their children's inheritance.
Strategies For Higher Income & Savings Years
- Roth IRA
- Traditional IRA - deductible or nondeductible
- Stretch out your IRA
- 401(k), 403(b), 457(b)
- Managed Account Program (MAP)
- Fixed annuity
- Life Insurance Retirement Plan (LIRP)
- IRA Conversion
- Review of ESOP or executive compensation options
- Monthly investing
- Review your annual Social Security statement to be
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.
