Retirement planning
To create a future income stream for retirement, strategically structure your accounts and equity compensation to maximize your growth and minimize your taxes.
To create a future income stream for retirement, strategically structure your accounts and equity compensation to maximize your growth and minimize your taxes.
What you need to know
Key steps to consider, what to watch out for, and ways advisory firms can help when planning your retirement strategy.
1. Maximize your tax benefits
A long-term tax strategy that considers retirement contributions to Traditional or Roth 401(k)s and/or IRAs can help lower your personal and business tax burden in the present and upon retirement.
2. Don’t Miss Out on Gains
Evaluate your contribution amounts, fees, and asset allocations to match your risk tolerance and investment strategy, and make sure to take full advantage of employer match.
3. Inventory Your Accounts
Assess the viability of Social Security, Pensions, and Annuities, as well as RMD (Required Minimum Distributions) from your retirement accounts.
4. Minimize Tax Risk
Avoid unintentionally triggering income taxes or penalties from withdrawing or contributing the incorrect amounts at the wrong times.
Common Mistakes
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compound interestMissing out on compound interest early in your career
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overpaying on fees
Missing opportunities to reduce fees
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Mismanaged accounts
Mismanaging accounts from multiple employers
What services should I consider?
Set yourself up for a stress-free retirement and reap the rewards early by establishing a financial plan and budget early in your career. Work with a tax advisor and financial planner to make sure you can hit your near-term financial and lifestyle goals while also taking care of future-you.
First: Tax Planning
Tax strategy
Benefit both in the present and future by strategically contributing to the right retirement accounts.
Business owner tax strategy
Adhere to IRS Non-discrimination Testing requirements for business owners about what retirement accounts they can offer and how much they can contribute.
Next: Wealth management
Near and long-term strategy
Retirement planning may conflict with your other short- and medium-term financial goals. An adviser can help you create a balanced strategy.
Looking ahead: Estate Planning
Wealth transfer strategy
Incorporate retirement account distributions and assets as part of your overall wealth transfer strategy.
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