RETIREMENT PLANNING & ACCOUNT ROLLOVER ADVICE

etirement is a time to ease the foot off of the gas pedal, follow your inspirations and to spend more time with the people who are the most important to you. At Reagan Financial Planning, LLC, we know that the prospect of retirement can be overwhelming and confusing. With the array of future expenses, combined with the numerous products designed to help you plan for and eventually provide the funds needed to pay for your retirement years, it can be a daunting task to develop a plan of action that you feel confident about.

We approach retirement planning from five fronts: employer sponsored plans such as 401Ks and 403Bs, individual retirement savings vehicles such as traditional and Roth IRAs (and even Health Savings Accounts or HSAs), Social Security (& how best to optimize the income from this program), pensions (if applicable), and savings & investments outside of specific retirement accounts. Using all of the available components specific to your particular circumstance, we help you build a comprehensive road map to guide you on a path to a prosperous and fulfilling retirement.

There are a wide variety of retirement savings vehicles, with some of the most common being detailed below:

– 401(k)% & Profit Sharing Plans are established by employers (including those who are self-employed and small business owners) to which eligible employees may make salary deferral contributions on either a pretax or post tax basis, or a combination of the two. Employers may make matching or non-elective contributions to the plan on behalf of eligible employees and may also add a profit sharing feature to the plan.

– 403(b) Plans are retirement plans offered by public schools and certain 501(c)(3) tax exempt organizations. Employees save for retirement by contributing to individual accounts. Employers can also contribute to the employees’ account. These types of plans are also referred to, at times, as tax-sheltered annuities or TSA plans.

– 457(b) Deferred Compensation Plans are available to state or local government organizations or tax-exempt organizations under IRC 501(c).

– Traditional and Roth Individual Retirement Accounts (IRAs) are vehicles that allow individuals to direct pre-tax or post-tax income, up to a specific annual limit, toward specific investments. These investments can grow tax deferred or tax free (depending on how the account is funded) until the individual chooses to draw on those savings for income during retirement. The income that is drawn from the traditional IRA will be considered ordinary income and may be subject to income tax at the time of withdrawal, since it is funded with pretax contributions, whereas the income drawn from the Roth IRA will be tax free due to contributions being made with after-tax contributions. Withdrawal rules also vary depending on how the account is initially established.

– Small Business Retirement Plans are available to sole proprietors, partnerships, LLCs, S corporations and C corporations. Some of the most common plans include: (1) SEP IRAs, which are IRAs for self-employed individuals or small business owners with employees and can be funded with pre-tax contributions, (2) Self-Employed 401(k) plans for self-employed individuals or a business owner with no employees other than a spouse. And (3) Simple IRAs, which are IRA plans that have been developed for businesses with 100 or fewer employees and self-employed individuals.

Most of these specific vehicles have roll over features as well. And when this option becomes available Reagan Financial Planning, LLC, can help you navigate the appropriate manner in which to act, all while keeping the cost to do so at the absolute minimums. There are various commission free products to choose from, and by using one of these types of options you will insure yourself that you are generating the greatest long term returns on your hard earned investment as possible. There are numerous alternatives available within the present realm of investments and we will work to define which ones best meet your retirement needs.

Retirement is the most common reason that people go to see a financial planner, and it is certainly a good one. Retiring, and just as importantly staying retired, are not easy tasks. If it were, a large portion of our country’s retirees would not be relying solely on social security for their income needs during retirement.  Reagan Financial Planning, LLC, works closely with our clients to organize their current finances, review their available retirement planning options, and then to prioritize suggested changes. We then work with the client to implement new strategies to the extent desired.

>At Reagan Financial Planning, LLC, we work hard to define what the overall retirement income goal is, and how best to save and invest towards this goal. We will work closely with you to establish an overall savings and investment strategy to achieve your desired retirement life style.

“Your success is our passion”

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