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You don't have to depend on your place of employment to offer a pension or 401(k) plan to save for retirement. In fact, it is wise to save money in other accounts if you are able. Or, even invest that extra income in a low-risk mutual fund or the like to increase your gains.
When it comes to planning for your retirement income, the sooner, the better. That said, it is never too late to get started either. No matter where you are in life, just entering the workforce, 10 years out from retirement age, employed, self-employed, etc, you have plenty of options to invest in your “Golden Years”. It's up to you to research the most suitable options for your circumstances and start taking advantage of them.
With so many options available, navigating the world of retirement fund accounts can be overwhelming. Not doing enough research and making decisions based on too little information can lead to poor outcomes. Giving up and not planning at all is just as disastrous. We have seen our own friends and family struggle when it comes to properly investing and saving money. That is why Benefit and Financial wants the best for all of our clients. We make sure you not only know all of your options, but understand them too so you can make informed decisions about your financial future.
Traditional means, such as 401(k) and pension plans, are great ways to accumulate funds for your retirement, but times are constantly changing. Many people no longer keep the same job their entire lives like in decades past. This can make keeping track of your retirement accounts even more confusing if they do not rollover.
Our experienced financial professionals are ready to help make your retirement funding seamless and help you get the most out of your investments. Read on to learn more about the different retirement services we offer.
Retirement planning is important for not only yours, but your family's future as well. A smooth retirement begins with smart financial planning. With so many investment and saving options available, there is no reason to put it off!
Both types of IRAs (Individual Retirement Accounts) are great ways to save for retirement.
Self-employed? Simple and SEP IRAs are the top choice for this group of workers. They can be valuable assets for anyone, though.
SEP IRA-These essentially work the same way a traditional IRA would. The main difference is that employers are allowed to make contributions. Your contributions will still grow tax-free until you withdraw from the account. A SEP IRA might be a good option if you're looking for something that has a higher contribution limit.
To put it simply, buying an annuity is essentially purchasing a future income source. While they are regularly used to fund retirement years, you don't have to be retired or a certain age before making withdrawals from an annuity. However, if your contributions are pre-tax, you will have to pay income tax once you start making withdrawals or receiving payments.
There are two main types of annuities. These have even more specialized subgroups, allowing you more customization to suit your needs.
Variable* Annuity-These types of annuities come with more risks, but they can also garner higher returns and income. You are able to choose from an array of investments. Your level of payout is determined by how well these investments performed.
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Group Benefits Account Manager
Once you begin taking benefits, your benefits will only increase by the COLA.
Your benefit will increase each year that you delay up until the age of 70. It can take up to three months to process your paperwork before you start receving benefits.
You can apply for benefits up to four months before you want to start receiving the payment and select full retirement age date for the benefits to begin. The payment will start during the month.
For more information please check out a downloadable resource from the Social Security Administration:
Need to calculate your benefits?
Benefit and Financial is ready to help. Our financial professional planning services will help you make the right choice based on your unique financial situation and what type of growth you are seeking from your investments. Send us an email or give us a call to get started today!