Retirement Planning

Planning for retirement is not negotiable for anyone. You probably already have a retirement account at work, and you can count on receiving some Social Security income. But do you know if that’s enough to finance your retirement? We can help you analyze your retirement accounts and develop a strategy designed to help you work toward your retirement savings goals.

Our financial advisors also understand that retirement planning happens more than once during your lifetime. If you primarily invest through a 401(k) or 403(b), you have some decisions to make when you switch jobs. Is it a good idea to rollover your retirement account?

Retirement Plan Rollovers

When you switch jobs, you have to decide what to do with your retirement account. Often, people don’t think about their 401(k) when they accept a job offer at a different company. And while it’s possible to leave your retirement account with your previous employer, it may not be the best solution for everyone.

To manage your retirement accounts and ensure you actually monitor them, you may wish to evaluate whether a rollover is appropriate for your situation. There’s a 60-day window you don’t want to miss. Otherwise, you may face tax penalties. We can help you navigate this process and help you maintain an investment strategy aligned with your retirement objectives.

Many investors choose not to cash out retirement accounts because distributions may be subject to income taxes and, in some cases, penalties. Cashing out may also reduce assets available for retirement.

You will probably switch jobs several times during your career. Working for a new employer is actually the easiest way to increase your salary. Each time you do, make sure you understand your rollover options and applicable rules.

Planning Your Retirement Income Distributions

When you finally reach retirement, you still have to make plans. Instead of a regular paycheck, you have built a sizable nest egg. How do you turn your retirement savings into an income source you can use to pay for expenses? Our retirement planners can help.

It’s possible to receive something like a paycheck during retirement. You can use annuities to turn your non-liquid assets into a fixed income stream. Certain annuity products may provide guaranteed income features, depending on the claims-paying ability of the issuing insurance company. Whether an annuity is appropriate depends on an individual's objectives, risk tolerance, and financial circumstances.

When you’re ready to retire, we’ll sit down together and talk about your retirement income distributions. Our strategy for taking disbursements considers your tax bracket, your lifestyle, and the size of your nest egg.

Frequently Asked Questions

Should I Rollover My Employer-Sponsored Retirement Account?

The answer depends on your individual circumstances, available plan options, fees, services, and financial objectives. If you’ve missed the rollover deadline, you may have to leave the retirement account where it is. Depending on your circumstances, consolidating retirement accounts may make administration and monitoring easier. Whether a rollover is appropriate depends on factors such as fees, services, investment options, and your financial objectives. It’s important to manage your retirement accounts. The more you have, the more time-consuming and expensive it will be to monitor all of them.

Can I Receive a Fixed Income during Retirement?

When you retire, you’ll probably miss your regular paycheck more than your coworkers or the work you did. But you don’t have to live in uncertainty during retirement. In fact, experts recommend against making random withdrawals from your retirement account whenever you need money. Instead, you can use products like an annuity to help you create a fixed income stream during your retirement years. This helps you budget for your expenses and grow your other investments.

How Can a Retirement Planner Help?

Our retirement planners can help you with all the stages of retirement planning. This includes setting up your retirement accounts, reviewing your portfolios, balancing your portfolio to match your timelines and risk tolerance, retirement rollovers, and planning your income during retirement. Retirement planning is a fluid process. You’ll have to revisit your investment goals over the years and as things change. We’re here to help you every step of the way.

What Does Your Retirement Look Like?

When life gets busy, it’s difficult to think about the future. But retirement planning isn’t something you can put off. Fortunately, it can be a straightforward process if you work with a financial advisors. I can also help you with life’s transitions, from one job to the next or to living in retirement. Contact me today to schedule an appointment.

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Before deciding whether to retain assets in a retirement plan, move assets to a new employer's plan, roll over to an IRA, or take a cash distribution, an investor should consider various factors including, but not limited to, investment options, fees and expenses, services, withdrawal penalties, protection from creditors and legal judgments, required minimum distributions, and employer stock considerations. If you are purchasing an annuity to fund a tax-qualified retirement plan (IRA), you should be aware that tax deferral is available through other investment vehicles and is not unique to an annuity. Carefully consider the features, benefits, costs, and limitations before purchasing an annuity. All investing involves risk, including the possible loss of principal. There is no assurance that any investment strategy will be successful.