Individual Retirement Planning 

We help you develop a comprehensive strategy that creates income and security measures that corresponds with your future lifestyle goals. We also help ensure that you and your family do not outlive your resources. Our services can include attention to cash flow, asset protection, income replacement, family security, long-term care, personal health care, estate planning, tax planning, will planning, and wealth accumulation strategies. Annuity planning may also be used to provide an income stream that an investor cannot outlive.

Traditional, Roth, and Rollover IRAs

Individual Retirement Accounts (IRA) are tax qualified retirement plans that were established as a way for individuals to save for retirement with the benefit of tax favored treatment. The traditional IRA allows for contributions to be made on a tax deductible basis and to accumulate without current taxation of earnings inside the account.  Distributions from a traditional IRA are taxable.  A Roth IRA is beneficial because the earnings growth is non-taxable for those who qualify. To qualify for tax-free and penalty-free withdrawals of earnings, a Roth IRA must be in place for at least five tax years, and the distribution must take place after age 59 ½ or due to death, disability, or a first-time home purchase (up to a $10,000 lifetime maximum). Depending on state law, Roth IRA distributions may be subject to state taxes.

Distributions from traditional IRAs and employer-sponsored retirement plans are taxed as ordinary income and, if taken prior to reaching 59 ½ , may be subject to an additional 10% federal tax penalty.

Business Retirement Planning 

We help business owners develop secure futures for themselves, their employees, and their business through customized 401(k) plans that are highly efficient low-cost solutions. These plans also include open architecture providing a wide array of investment choices. We help your company define and prioritize retirement goals, assess the needs of your business and employees, select and implement the plan that benefits both your employees and your business, as well as track and manage your program’s portfolio and provide regular strategic updates. We can help establish the benefits of an employer sponsored plan including increases in personal retirement savings, additional tax benefits for your business and positive effects on attracting and retaining talent.

Most employer-sponsored plans today are established as “defined contribution” plans whereby an employee contributes a percentage of his earnings into an account that will accumulate until retirement. As a qualified plan, the contributions are deductible from the employee’s current income. The amount of income received at retirement is based on the total amount of contributions, the returns earned, and the employee’s retirement time horizon.  As in all qualified plans, withdrawals made prior to age 59 ½ may be subject to a penalty of 10% on top of ordinary taxes that are due. 

Depending on the size and type of the organization, they may offer a 401(k) Plan, a Simplified Employee Pension Plan or, in the case of a non-profit organization, a 403(b) Plan.

Estate Protection

Planning for the transfer of assets at death is a critical element of retirement planning especially if there are survivors who are dependent upon the assets for their financial security. Planning for estate transfer can be as simple as drafting a will, which is essential to ensure that assets are transferred according to the wishes of the decedent. Larger estates may be confronted with settlement costs and sizeable death taxes which could force liquidation if the proper planning is not done.

Health Care Needs

Longer life spans can also translate into more health issues that arise in the process of aging. The federal government provides a safety net in the form of Medicare, however, it may not provide the coverage needed especially in chronic illness cases.  Planning for long-term care, in the event of a serious disability or chronic illness, is becoming a key element of retirement plans today.