Retirement Planning

Back to Our Services: Overview

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.

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
  • Identifying options for addressing income gaps
  • Converting resources into income and cash flow by year
  • Monitoring, maintaining, and updating your retirement investment 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 coordinates your IRA investments with your other savings plans including qualified plans, IRAs, and social security to support your desired retirement lifestyle. By identifying your retirement gap, you can develop a strategy for personal savings.
    • 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.

With more than 25 years of experience with several of Northern Illinois's largest employers and plan sponsors, covering thousands of lives, we deliver expertise and experience rarely found in the region. As pioneers in plan sponsor fiduciary education, we have decades of prudent investment practices, structuring investments best suited to participants. We know how to structure plans for improved employer outcomes that provide expert support to plan fiduciaries. Our plan design expertise is highly valued by our corporate clients.

  • Plan selection and design
  • Vendor RFP service
  • Employee communications
  • Fiduciary support
  • Investment selection and monitoring
  • Fee analysis
  • Increasing opportunities for successful plan outcomes

Cyrs Wealth Advisors is neither endorsed by nor affiliated with the Illinois State Retirement System or the state of Illinois.