Retirement Accounts & Estate Planning

RETIREMENT PLANNING

Retirement planning is the process of planning for one’s income needs during retirement. Usually, thee are three main sources of retirement income:

  • Social Security
  • Employer qualified retirement plan benefits
  • Personal savings and retirement planning

Retirement planning consists of bringing together the resources from all of these to assure a financially sound retirement. Continuous review and suitability of your plan continually change because of the following:

  • Life events, age, job change, marriage, divorce, death, health, etc.
  • Changes and improvements in suitable retirement accounts and tax laws
  • Changes in State and Federal tax laws
  • Retirement can come when you least expect the event

Some of the retirement plans are listed below and as one goes through life events different plans can be used to achieve the desired results.

  • Simplified employee pension plans (SEP)
  • Simple retirement plans
  • Individual retirement accounts or annuities (IRA) including Roth (IRA)
  • Section (403b) TSA Tax sheltered annuities
  • Rollovers, direct rollover and direct plan to plan transfers
  • Section 457 deferred compensation plans for government employees and not-for-profit organizations
  • Supplemental retirement income funded with Life Insurance
  • Mortgage Payment Protection

ESTATE PLANNING

Estate Planing is the process of arranging assets and income in a manner that helps to meet lifetime financial objectives. At the same time provide for one’s life income needs as well as survivors’ needs and the disposition of property at death.

  • Create annd conserve assets during life
  • Minimize death taxes and estate settlement costs
  • Assure that cash is available to pay unavoidable death taxes and cost
  • Provide an orderly distribution of assets that meets the estate owner’s objectives and intentions
  • Provide peace of mind and family harmony

It is very important to have a suitability review each year to guide all the variables to the center point of one’s objectives.