Retirement Planning

Planning for retirement shouldn't be stressful

Saving for retirment is essential, but determining the right plan for you can seem like a daunting task. We will make sure that you are making smart retirement decisions by ensuring that you are in the right retirement plan, that you aren't overpaying in fees and that you are setting enough aside to meet your goals.

Account Types

Traditional IRA

A traditional IRA is often the best choice for those who expect their income to be lower in retirement or who could benefit from a tax deduction. Your advisor will help answer any questions you might have, but here are some quick facts:

  • Tax Deductible.
  • Earnings accumulate tax deferred until distributed at which point they are taxable.
  • 10% tax penalty on withdrawals prior to age 59½ (There are a few exceptions)
  • Withdrawals are mandatory beginning at age 70½.
  • Maximum contribution $5,500 ($6,500 if your are >50).
  • Account types eligible for rollover: 401(K), 403(b), pension, or other qualified account.

Roth IRA

A Roth IRA is often the best choice for those who expect their income to be greater after they retirement or who would not benefit from a tax deduction in the current year.

  • Not tax deductible.
  • Earnings accumulate tax-free.
  • 10% tax penalty on withdrawals prior to age 59½ (There are a few exceptions)
  • No mandatory withdrawal requirement.
  • Maximum contribution $5,500 ($6,500 if your are >50) Subject to income limits.
  • Account types eligible for rollover: 401(K), 403(b), pension or other qualified account.

Sep IRA

If you are a small business owner and you would like to start saving for a retirement a SEP (Simplified Employee Pension) IRA is a great way to set aside more than you would be able to with a Traditional IRA. Your advisor will help you determine if a SEP IRA is a good fit for you.

  • Tax deductible.
  • Earnings accumulate tax deferred until distributed at which point they are taxable.
  • 10% tax penalty on withdrawals prior to age 59½ (There are a few exceptions)
  • The lessor of $54,000 or 25% of total compensation for 2018.
  • Account types eligible for rollover: 401(k), 403(b), pension or other qualified account.
  • The percentage of contribution must be the same for each employee.
  • Withdrawals are mandatory beginning at age 70½.