Retirement Planning

Retirement Accounts are savings plans that allow investors to increase the size of their savings for retirement while taking advantage of special tax benefits.

How Retirement Planning Can Help You

  • Your investments are potentially tax-deductible.
  • You can defer paying taxes on your investment income and gains.
  • You can take control of your money that is currently held in a former employer’s retirement plan.

IRA Contributions Can Be Made in Two Ways

  • By moving your money in a former employer’s retirement plan, such as a 401(k), into a new or existing IRA. (IRA Rollover).
  • By making annual contributions to a new or existing IRA out of your employment income.

Elements of a Good Retirement Plan

  • Provide you with 70 to 90 percent of your current gross income.
  • Take into account the obstacles that you may face after retirement.
  • Allow you to take advantage of the potential for growth over time.
  • Be diversified in its investments, by balancing growth and income with your own tolerance for risk.
  • Take advantage of income tax-deferred savings.