Retirement Planning for Families & Individuals

Retirement is the time to savor the finer things, follow your inspirations, or spend more time with the people who are important to you. We approach retirement planning from four fronts: employer-sponsored plans (401Ks and 403Bs), Social Security, pensions, and individual savings plans.

We know that the prospect of retirement can be overwhelming, confusing, even terrifying. As experienced retirement professionals, we are well-equipped to examine and maximize your retirement income sources, and build a comprehensive roadmap to guide you on the path to a happy retirement. The most common retirement savings vehicles are briefly described below:

Traditional IRAs

Traditional IRAs, or Individual Retirement Accounts, allow you to direct pre-tax income, up to a specific annual limit, toward investments that can grow tax-deferred until you choose to draw on those savings for income during retirement. That income will be considered ordinary income and may be subject to income tax at the time of withdrawal. Contributions to a Traditional IRA may be tax-deductible, depending on your income

Roth IRAs

Roth IRAs function similarly to Traditional IRAs, except that contributions are not tax deductible, and qualified distributions are tax free. There are contribution limits based on income.

401(k) & Profit Sharing Plans

401(k) & Profit Sharing Plans are established by employers (any type of public or private company, including those who are self-employed or small business owners). Eligible employees may make salary deferral contributions on a post-tax and/or pre-tax basis. Employers offering a 401(k) plan 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

403(b) Plans (sometimes called tax-sheltered annuities or TSA 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 employees’ accounts.