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Retirement Planning

Client Centered

When you retire and your earning power ceases, you will depend on three primary sources for your retirement income: Social Security Income, Employer-Sponsored Retirement Plans, and Personal Retirement Savings. It is critical to know what resources you have for retirement income and have a time-specific plan for when these retirement sources will be used. Taxes have the capability of eroding retirement savings: planning the time and sequence for using these income sources can mean considerably less tax liability.

Social Security Income

Social Security is an insurance program. Workers pay into the program, typically through payroll withholding where they work. They can earn up to four credits each year. To qualify for Social Security retirement benefits, workers must be at least 62 and have paid into the system for ten years or more. Workers who wait to collect Social Security, up to age 70, will receive higher monthly benefits.

Employer-Sponsored Plans

An employer-sponsored plan is a type of benefit plan offered to employees at no or relatively low cost. These plans, such as a 401(k) or HSA, cover various services, including retirement savings and healthcare. Employees who enroll in such programs capitalize on the benefit of receiving discounted services.

Personal Retirement Savings

There is a gap between the retirement income they can expect from Social Security and employer-provided plans and their retirement income objectives for many people. Personal retirement savings, fixed annuities, IRAs, and Roth Accounts can also be considered, in certain situations, to bridge this gap.

Additional Resources

<p>The Power of Tax-Deferred Growth</p>

The Power of Tax-Deferred Growth

Why are 401(k) plans, annuities, and IRAs so popular?
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How Social Security Benefits are Calculated

How Social Security Benefits are Calculated

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Financial Planning

Financial Planning

Learn how our planning process aligns your unique needs with your unique financial objectives

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