Individuals and Families
Because every person's lifestyle, age, position in life, tax situation, retirement income goals, risk factors, and available resources are unique, each integrated retirement and investment management plan is different. Retirement can mean different things to different people and can span decades. A successful plan put into place during the wealth-building lifespan should address ways to maximize growth and tax-efficient distributions and pass along assets properly within a well-thought-out estate plan.
Retirement planning is much more than using the right products. Our retirement plan process includes:
- Estimating duration of retirement assets
- Identifying and managing retirement risks
- Assessing all sources of assets and potential income
- Identifying distribution, tax and estate issues, and opportunities
- Developing the best social security retirement income strategy for your goals
- Identifying options for addressing income gaps
- Converting resources into income and cash flow by year
- Monitoring, maintaining, and updating the plan
Considerations for retirement include:
- Qualified employer-sponsored defined contribution plans
- Individual retirement accounts (IRAs)
- Personal savings
- Executive deferral plans
- Social Security
- Pension-defined benefit plans
- Qualified plans are employer-sponsored retirement plans such as 401(k)s and pension plans. Although there are contribution limits and strict distribution rules, these plans are popular because of their tax benefits. Generally, employers will make participation even more attractive by matching all or a portion of an employee’s contribution. It’s important that you choose the optimum plan to benefit the key people in your company.
- IRAs are inexpensive, easy to establish and maintain, and also offer favorable tax incentives. They can be created by an individual or provided by an employer. Most people use IRAs to consolidate retirement savings that were previously held in employer-sponsored plans. Our process can help coordinate your IRA investments with your other savings plans. You may find that qualified plans, IRAs, and social security won’t provide enough money to support your desired retirement lifestyle. By identifying your retirement gap, you can develop a strategy for personal savings invested outside of the traditional retirement vehicle.
- Business owners or executives may have access to other tax-advantaged retirement savings vehicles. Nonqualified executive compensation is a generic term used to describe a compensation arrangement that provides retirement income—and, in some cases, death benefits—to key employees of a business.