Whether you're already retired, close to it, or just getting started in your career, it's never too early to start thinking about retirement planning. Unfortunately, for many people life gets in the way and retirement planning is put on the back burner, until suddenly, retirement is right around the corner.
Some of the benefits of starting your retirement planning now instead of later include:
- Providing long-term security for your family's future
- Tax-free contributions which are subject to income tax only after withdrawal, typically when you retire
- Protection from bankruptcy creditors, if needed
- Selection of retirement plans (IRAs, SIMPLE Plans, SEP plans, Keogh plans, and 401(K) plans to name a few) to meet your needs
The key to successful retirement planning is an understanding your current financial situation, projecting future needs and developing a plan to help make it happens. McCarthy & Company's professionals will:
- Evaluate your current financial situation, including assets and liabilities to achieve an overall value for your estate.
- Calculate the best way to withdraw funds from your 401K, IRA, Roth IRA, and other retirement plans, for example lump sum or installments over a certain period of years.
- Create a budget that meets your retirement goals.
- Review your individual Social Security account to determine when to begin taking your benefits
- Figure out which retirement plan works best for you and your family, how much you need to contribute now to make sure you have enough money to live comfortably.
- Determine whether you or your business qualifies for a tax credit for contributing to an IRA.
- Develop a comprehensive retirement plan, keeping in mind that it is likely to change over the years as your life changes.
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