When you think about your retirement, what does it look like? Are you doing all you can now to make that dream possible? While the sooner you begin, the better, it’s never too late to put a retirement planning strategy in place.
At TrinityPoint Wealth, we start by talking about your goals and priorities to determine how much income you’ll need. Then, we do a thorough evaluation of your assets, including pensions, 401(k), savings, and investments, along with a Social Security analysis. This information helps us define an optimal timeline for your retirement, as well as the steps you’ll need to take. Finally, we put a retirement income strategy in place, which we will review with you on an ongoing basis and adjust whenever necessary.
By working together, we will help keep you on track so that today’s dream can become tomorrow’s reality!
Too often, people simply do not devote enough time to looking ahead and planning for the future. As a result, they may be blindsided by the issues and expenses associated with retirement. Our team helps people refine their dreams for the future and crafts detailed but flexible plans to achieve those goals.
There is a misconception that retirement planning should start later in life, but that couldn’t be further from the truth! We are strong advocates for beginning the planning process as soon as possible to reap the most benefits. It doesn’t matter if you are in your early 20s or late 60s, now is the best time to begin planning if you have not already.
The following are the most common retirement plans we advise clients on:
Defined-benefit Pensions – Defined-benefit plans are characterized by an employer-guided retirement plan which provides employees with a fixed monthly benefit at retirement. These plans are slowly being replaced by hybrid and defined-contribution plans.
401(k) – A 401(k) is an incredibly ubiquitous defined-contribution plan in which employees save portions of their pre-tax salary into a tax-advantaged retirement account.
Roth 401(k) – A Roth 401(k) is a defined-contribution plan that differs from a normal 401(k) by being funded with after-tax dollars, allowing withdrawal to be tax-free. This type of plan is especially useful for individuals who expect to be in a higher tax bracket upon retirement.
403(b) – A 403(b) is a tax-sheltered annuity that is offered by public schools and certain 501(c)(3) tax-exempt organizations. This type of retirement fund can invest in either mutual funds or annuities. This plan also benefits from nondiscrimination testing and lower expense ratios due to less stringent reporting.
In addition to these common retirement investment vehicles, we also advise on simple IRA plans, cash balance plans, 457 and 401 plans, and more. For more information on these plans, visit our Retirement Plans page here.
No matter what stage of life you happen to be in, it is always a good idea to plan ahead. We’re here to help you find the retirement strategy that best supports you and your loved ones in the long-term. Contact our North Carolina or Connecticut offices via email or by phone to begin retirement planning!
We’re here to help you achieve your goals.
We’ll keep you up-to-date on everything that’s happening in the world of finance. Sign up today.