What you need to do
Key steps to consider, what to watch out for, and ways advisory firms can help when planning your retirement strategy.
Maximize Your Tax Benefits
A long-term tax strategy that considers retirement contributions to Traditional or Roth 401(k)s and/or IRAs can help lower your personal and business tax burden in the present and upon retirement.
Don’t Miss Out on Gains
Evaluate your contribution amounts, fees, and asset allocations to match your risk tolerance and investment strategy, and make sure to take full advantage of employer match.
Inventory Your Accounts
Assess the viability of Social Security, Pensions, and Annuities, as well as RMD (Required Minimum Distributions) from your retirement accounts.
Minimize Tax Risk
Avoid unintentionally triggering income taxes or penalties from withdrawing or contributing the incorrect amounts at the wrong times.
- Missing out on compound interest
- Overpaying on fees
- Mismanaging accounts from multiple employers
Benefit both in the present and future by strategically contributing to the right retirement accounts.
Adhere to IRS Non-discrimination Testing requirements for business owners about what retirement accounts they can offer and how much they can contribute.
Trust and Estate Firms
Incorporate retirement account distributions and assets as part of your overall wealth transfer strategy.
Financial Advisory Firms
Retirement planning may conflict with your other short- and medium-term financial goals. An adviser can help you create a balanced strategy.