Planning your retirement effectively, can allow you to spend your golden years in comfort; knowing your loved ones are secure and without financial burden. Begin planning for your retirement today. The sooner you get a head start on savings and investments, the more funds you will have available in the future.
Your current financial means and future requirements are not the same, which is why you must maintain a safety net at any age and stage in life. At LifeCentra we want you to enjoy a comfortable and worry-free retirement; we can help you pave the way.
Some of the products that can help you effectively plan your current financial needs as well as future retirement income include:
Individual Retirement Account (IRA)
An individual retirement account is a financial resource allowing you to earn funds on a tax-free basis. There are also opportunities to invest in other tax-deferred earnings; mutual funds, stocks, bonds and, exchange-traded funds.
There are several IRAs available, to help you chose the retirement funds that work best for you:
- Traditional IRA – Ideal for those who will be in a lower tax bracket after retirement, with no income-related restrictions on contributions.
- Roth IRA – Ideal for those looking to grow retirement funds on a tax-deferred basis, with tax-free withdrawals, and no age limits for contributions.
- SEP (Simplified Employee Pension) IRA – Ideal for small business owners, proprietors and self-employed individuals, with higher contribution limits than most other IRAs.
- SIMPLE (Savings Incentive Match Plan for Employees) IRA – Ideal for small businesses with up to 100 employees, and self-employed individuals, since they are easy and cost-effective.
- Rollover IRA – Ideal for those who want to consolidate their employer-sponsored IRAs when they change jobs and have a new employer.
- Spousal IRA – Ideal retirement plans for non-working spouses of individuals who have employer-sponsored IRAs in place.
WE ARE HERE TO HELP
Call us at (747) 334-3799 to learn more and schedule your one-on-one meeting with our expert.
401(k) Plans
A 401(k) is a retirement savings plan typically sponsored by an employer. With a 401(k) plan, employees can save and invest a portion of their paycheck before taxes are deducted. These funds remain tax-free until eligiblity age. Your withdrawals will then be subject to taxes as required by state and federal requirements. At which point any withdrawals made will be subject to income tax.
Employers and individuals can opt for different kinds of 401(k) plans, depending on their eligibility, such as:
- Traditional 401(k) – Allows employers to make contributions on behalf of their employees, or for individuals to opt for pre-tax payroll deductions into them.
- SIMPLE 401(k) – Like SIMPLE IRAs, these 401(k)s are ideal for small businesses who wish to make retirement fund contributions on behalf of their employees.
- Safe Harbor 401(k) – The difference between these and traditional 401(k)s is the employer contributions must be fully vested when they are made.
WE ARE HERE TO HELP
Call us at (747) 334-3799 to learn more and schedule your one-on-one meeting with our expert.
Other Retirement Savings Opportunities
In addition to the options available in IRA and 401(k) plans, there are various other retirement savings plans for individuals, such as:
- 403(b) Plans
- SARSEP (Salary Reduction Simplified Employee Pension) Plans
- Defined Benefit Plans
- Profit-Sharing Plans
- Employee Stock Ownership Plans (ESOPs)
- Money Purchase Plans
WE ARE HERE TO HELP
Call us at (747) 334-3799 to learn more and schedule your one-on-one meeting with our expert.
Why do I need a retirement savings plan?
While insurance policies act as a safety net to support your loved ones upon your death, retirement savings can keep you comfortable when you retire. With advances in healthcare, many people will out live their savings, which is why a proper strategy is essential. LifeCentra can assist you in choosing investments to grow your wealth, with tax breaks that allow you to save more.
Fast Fact – Over 50% of people are worried about the cost of long-term care services in retirement, but only 13% are covered by LTC insurance.
Not sure what insurance you need?
Your life stage can give you some important clues about financial products that will match your unique needs:
- Single
- In a relationship
- Established family
- Empty-nest/retirement
- Divorced/widowed
What can LifeCentra do for you?
- Understanding your current and future requirements, and financial goals
- Expert advice that is personalized for your insurance and savings needs
- Complimentary, no-obligation analysis of your existing coverage and investments
Still not sure what you need? Have question?