When do you hope to retire? How much will you need to budget to live on? How can you pay off your debts prior to retirement? When should you start receiving your Social Security benefits? How can we structure income from various sources to optimize my retirement income after taxes? There’s a lot to consider as you prepare for a post-professional life.
The first step in preparing for retirement is often deciding which vehicle to use when saving for retirement. Retirement plans typically offer various tax incentives for savers and employers. Rollins Financial can help you find the right plan for your situation. A company-sponsored 401(k) or 403(b) plan allows employees choose between taking compensation in cash or deferring some percentage of their earnings to the retirement account. Many companies will match some part of an employee’s contributions, allowing pre-tax money to compound quickly over time. Generally, the deferred funds are not taxable until they are distributed. Rollins Financial, Inc. can help you maximize your retirement plan and to decide whether an IRA, SEP IRA, 401(k) or cash-balance pension plan is best for your situation.
If you’re already contributing to tax deferred or tax-exempt plans available to you under the tax codes, them a brokerage account may be a good strategy to grow your wealth. We’ll determine whether a brokerage account is right for your situation and assess the level of risk you’re comfortable with.
Rollins Financial partners with clients to ensure they have sufficient assets to pay their bills and live the kind of life they’ve worked hard for upon retirement. Retirement planning involves analyzing current assets, discussing goals, and developing an investment plan that gives you the best chance to live out your retirement in comfort.
The advisors at Rollins Financial are fiduciaries for our clients. Legally, a fiduciary duty is the highest standard of care for clients. We will never take a commission from any financial product recommended to you, including insurance policies, and it is our legal and ethical responsibility to pursue your financial best interest in good faith.
Surely, a financial advisor should always act in the interest of the client and not in their own, right? Not necessarily… Many financial advisors are basically salespeople. There is a great deal of talk about trust in the financial services industry, but you should always do your due diligence before spending your money, whether in the market or on insurance policies. Entrusting your financial resources only to unbiased fee-only asset managers is a great place to start. We’ll work with you to create a retirement plan that is attainable and sufficient for all your family’s needs.
Budgeting is a key retirement consideration. Financial planners typically recommend that retirees need about 80% of their pre-retirement income. You’ll be spending less on contributions to retirement plans and payroll taxes as well as work-related expenses such as transportation and clothing.
Retirement can also present new expenses, though. You may have to pay for that river cruise through Europe you’ve always wanted or the fancy RV you plan to visit the grandkids in. Rollins Financial can help you firm up the numbers you need for a comfortable retirement.
Figuring out how much you need to save and choosing the right vehicles to do so is the first step. Before establishing a brokerage account or other investment strategy, you should take full advantage of the tax-advantaged savings options legally available to you: IRAs and 401(k)s. Far too many people miss out on financial benefits available to them through these accounts.
IRAs are a great way to supplement the income generated from Social Security or any employer-sponsored retirement plan you may have. They are easy to establish and offer a great deal of flexibility with regard to the financial products you may invest in.
Your retirement strategy will change over time. Early in your work life, you’ll want to sock away as much as possible. The earlier you start saving, the more that money will compound over time, giving you more flexibility as you approach retirement. Your investment strategy will shift as you approach retirement, as well. We can help you modify your portfolio away from riskier investments as your target retirement age approaches.
The expert advisors at Rollins Financial can help you take the concrete steps you need to take upon approaching retirement. If possible, you need to liquidate all debt before retirement, or at least have a good plan for servicing that debt. You’ll need to make decisions about how long to work and how to handle the increasing challenges of elder health care.
There is inherent risk in investing. We can’t guarantee that all the investment choices you make will return profits as you prepare for retirement. We can guarantee, though, that Rollins Financial will always have your long-term financial goals in mind and will work for your well-being. We’ll create a retirement plan to give you peace of mind today and financial security later in life.