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Retirement Savings

Retirement savings accounts are a rewarding and reliable way to grow your nest-egg. We’ll help you uncover all the benefits by diversifying (and demystifying) where you keep your money while developing a smart plan for enjoying your hard earned savings.

As you prepare for retirement, understanding where your money is located is essential. Your savings and investment accounts all have different rules for when and how you can withdraw money. Each type of savings account comes with its own unique benefits, both in regard to growth and tax incentives. They also come with rules that can be confusing, with hidden penalties and fees.

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It’s important to understand the different types of retirement accounts you have so you can capitalize on their benefits and avoid the drawbacks. We’ll help you create a map of your retirement savings, along with an ideal plan for accessing them.

See examples below of the retirement savings we can help you with.

401(k)

Because they’re employer-sponsored, you can benefit from employers matching your contributions. They boast higher maximum contribution limits than IRAs but fewer options for investing, relying on mutual funds.
IRAs

Offered as both traditional (tax deferred) and Roth (taxed up front), these have income limits and lower annual contribution caps (6,000 per year). You’ll get more investment opportunities, however, and you’ll face fewer penalties if you withdraw early.
Cash Accounts

Cash assets give you some protected emergency money that you can use either for living expenses (so you don’t continue to pull from depreciating stocks and retirement accounts, only compounding losses) or for buying cheap stocks and capitalizing on the coming rebound.
Cash Value Life Insurance

Whole Life insurance policies provide opportunities to grow and add cash value over time. These can pay dividends and supplement your retirement income, while still providing a death benefit to your beneficiaries or estate.

TOP ADVICE:

It’s essential to make sure your savings are stored in the right accounts at the right time, with the lowest fees possible.

This depends on the type of account you have. 401(k)s and IRAs allow you to withdraw at 59 ½ . Both require minimum distributions after you turn 72. Should you withdraw money prior to your required minimum distribution time? That depends on your tax situation.
In some cases, yes. This depends on your personal situation and the types of accounts you have. You may want to transfer money from a high fee account to a lower one, or sell stocks to build a cash reserve to buy more stable products, like fee-free indexed annuities. If you’re worried that your money is in the wrong place, schedule a consultation and we’ll walk you through your options.
It might seem like a good idea to, but it can actually push you into a higher tax bracket than you planned for.

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