Retirement Services for Families and Individuals

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.

Both types of IRAs (Individual Retirement Accounts) are great ways to save for retirement.

• Traditional IRAs-Perhaps the biggest draw of this type of IRA is that you do not have to pay any taxes on the money until you begin withdrawing from it. It's worth noting that there are limits to how much you can contribute, which are also based on age. It's also important to know that there is a required minimum distribution (RMD) age.
• Roth IRAs-If you believe your income tax rate will be higher when you retire, it might be best to choose a Roth IRA. These are the opposite of traditional IRAs in the sense that you do not get an upfront tax break. However, future withdrawals once you retire will be tax-free. Roth IRAs also place a limit on how much you can contribute. You do not have to worry about an RMD with Roth IRAs.

Self-employed? Simple and SEP IRAs are the top choice for this group of workers. They can be valuable assets for anyone, though.

• Simple IRA-Like a 401(k) plan, you can contribute a percentage of your paychecks into these. If you have one with an employer, they can also contribute. One of the most appealing aspects of a simple IRA is your investments grow tax-free, not having to pay income tax until the money is withdrawn at retirement. They are also a lot easier and cost-friendlier than setting up a 401(k) plan.

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.

• Fixed Annuity-This is your best option if you're looking for a stable source of growth. These come with a fixed rate of interest on your contributions. You can also purchase a straight life, joint life with last survivor, or term annuity.

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.