How much do you need?
Many Americans have never tried to calculate how much they’ll need for retirement, and those who do probably have just guessed.
Retirement is proving more difficult than expected for many Americans, in large because they haven’t saved enough, or aren’t aware they haven’t saved enough. So we ask: How much do you need? But to appreciate the answer, let’s ask a follow-up question: What your biggest concern for your golden years?
Planning is essential to protect you and your family when you retire. The most important steps to a successful retirement are saving and investing your money. We can help you plan for your retirement years with the wide variety of investment vehicles and insurance products below:
IRAs
Established by the federal government, individual retirement accounts (IRAs) were established to encourage people to save for their retirement by providing a variety of tax advantages.
Traditional IRAs
Annual contributions up to $6,000 may be deductible, and your earnings are not taxed until you start withdrawing money.
Roth IRAs
For many people, a Roth IRA may offer greater tax savings and withdrawal flexibility than a traditional IRA. Eligibility depends on income.
Simple IRAs
Simple IRA plans are retirement vehicles, maintained on a calendar year basis, for small employers (no more than 100 employees earning at least $5,000 for the preceding year). They permit contributions under a qualified salary reduction agreement.
Annuities
Annuities can provide a series of payments that typically start at retirement and continue for the rest of the contract owner’s life. They can provide retirement income for either a fixed period of time or for the rest of an annuitant’s life. Payments can begin immediately with the purchase of an annuity or be deferred to some time in the future.
401(k)s
A 401(k) plan allows you to postpone receiving a portion of your salary until you retire. You choose the amount of income you’d like to “send to the future,” or defer annually. Advantages of a 401(k) include:
Long-Term Care
Long-term care is defined as “medically necessary assistance, recommended by a physician for the treatment of a chronic illness or debilitating injury on a long-term basis. Recovery is usually not expected. Care is oriented toward helping a person function, not toward a cure.”
Your health plan, disability coverage or Medicare doesn’t typically cover long-term care. Medicaid does cover long-term care, but only after you have used up your assets paying for care.
Use our calculators to help plan for your retirement »
Contact us now for more information.
Retirement is proving more difficult than expected for many Americans, in large because they haven’t saved enough, or aren’t aware they haven’t saved enough. So we ask: How much do you need? But to appreciate the answer, let’s ask a follow-up question: What your biggest concern for your golden years?
Planning is essential to protect you and your family when you retire. The most important steps to a successful retirement are saving and investing your money. We can help you plan for your retirement years with the wide variety of investment vehicles and insurance products below:
IRAs
Established by the federal government, individual retirement accounts (IRAs) were established to encourage people to save for their retirement by providing a variety of tax advantages.
Traditional IRAs
Annual contributions up to $6,000 may be deductible, and your earnings are not taxed until you start withdrawing money.
Roth IRAs
For many people, a Roth IRA may offer greater tax savings and withdrawal flexibility than a traditional IRA. Eligibility depends on income.
Simple IRAs
Simple IRA plans are retirement vehicles, maintained on a calendar year basis, for small employers (no more than 100 employees earning at least $5,000 for the preceding year). They permit contributions under a qualified salary reduction agreement.
Annuities
Annuities can provide a series of payments that typically start at retirement and continue for the rest of the contract owner’s life. They can provide retirement income for either a fixed period of time or for the rest of an annuitant’s life. Payments can begin immediately with the purchase of an annuity or be deferred to some time in the future.
401(k)s
A 401(k) plan allows you to postpone receiving a portion of your salary until you retire. You choose the amount of income you’d like to “send to the future,” or defer annually. Advantages of a 401(k) include:
- The chance of lowering your income rate by deferring a portion of your taxable income.
- The ability to access the money for certain situations like buying a house, college fees or some hardships.
- Your Social Security contributions and benefits are not impacted by your 401(k) plan.
- Your account being transferable, so you can take it with you from job to job.
Long-Term Care
Long-term care is defined as “medically necessary assistance, recommended by a physician for the treatment of a chronic illness or debilitating injury on a long-term basis. Recovery is usually not expected. Care is oriented toward helping a person function, not toward a cure.”
Your health plan, disability coverage or Medicare doesn’t typically cover long-term care. Medicaid does cover long-term care, but only after you have used up your assets paying for care.
Use our calculators to help plan for your retirement »
Contact us now for more information.