No one wants to realize their worst nightmare, outliving their retirement funding. It is never too early or too late to begin taking control of what your financial life will look like in retirement. Our expert financial professionals specialize in retirement planning. We work side by side with our clients to ensure they are on the right path to retire with confidence. Not everyone has the same ideas about what their life should look like in retirement. No two people are the same. We create comprehensive financial plans that are as unique as you are. There are several vehicles in which individuals can utilize to save for and invest in their financial future. Some include:

401(k)

A 401(k) Plan is considered a defined contribution account sponsored by employers that allows individuals to allocate a portion of their wages in a tax-advantaged manner. Sometimes, employers will match contributions made to a 401(k) up to a specified percentage. There are two kinds of 401(k)s, Roth and traditional, each with its tax advantages and rules.

IRA

An IRA is an individual retirement account designated to put away funds for retirement. An IRA is set up with a financial institution and allows individuals to contribute towards their retirement in a tax-advantaged way. There are three basic kinds of individual retirement accounts, Roth, traditional, and rollover. A Rollover IRA is funded with money “rolled over” from a qualified retirement plan into this traditional IRA.

Roth IRA

A Roth IRA is a savings account designated for retirement saving that allows individuals to complete qualified withdrawals tax-free. There are specific stipulations that must be met. The most significant distinction between a Roth IRA and a traditional IRA is how and when the funds are taxed. Roth IRAs are funded with after-tax dollars, which is why qualified withdrawals are tax-free. A Roth IRA generally works best if your taxes might be higher in retirement than they are right now.

Traditional IRA

A traditional IRA lets individuals contribute pretax income toward investments that can grow tax-deferred. The Internal Revenue Service (IRS) does not assess taxes on these funds until the individual begins making withdrawals. Individual taxpayers can contribute one hundred percent of their earned income to a traditional IRA up to a specified dollar amount.