Planning For Retirement

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Planning For Retirement

Retirement is a significant part of life that requires proper planning for enjoying it. But unfortunately, a study revealed that more than half of the adults in the U.S. were planning to depend solely on Social Security for retirement income. And, the adults who were financially unprepared for their retirement are now staggering. 

So, with all the studies done to date, it's proven that you need to start planning early in your life if you want to enjoy your retirement years. And, if you don't want to outlive your savings and neither want to depend financially on others, the best way is to start your retirement planning and savings in your early 30s. Relying on the Social Security retirement benefits is becoming tough every day as the number of adults above the age of 65 is significantly increasing and is supposed to increase more in the coming future. 

As it's said, "it is never too late to start or to plan again or afresh." There are numerous plans available in the market to help you secure your retirement days financially. From opening a savings account to investing in insurance, there are many options available in the market you can look up at.

How Can a Financial Advisor Guide us in this?

We have seen that happy retirement days need a lot of planning and savings from the early days of the career. But, choosing the right plan that gives the best interest, in the long run, becomes tough because no one wants to realize the weakness and failure of a plan after investing years in it. And, an ordinary person can't understand all the risks involved in long-term plans. A financial advisor is there to help you understand all the risks and benefits of any insurance or saving plan. Then, they help you to get started or revamp your retirement plans. From estimating your retirement income and deciding on an investment, the financial guide helps you in all possible ways. They help you take all the possible steps to protect yourself from financially draining and not entirely depend on Social Security. They also advise you about when to withdraw the funds in your retirement plans, tell you what happens if the funds aren't withdrawn before you die, and explain the complex rules and ways the savvy taxpayer can maximize the tax shelter.

How does the Royal West Agency Insurance Advisor help your retirement planning?

The team members of the insurance/financial advisor of Royal West Agency are certified and experienced personnel that are always ready to help you with all your plans. Our advisors learn about your income sources during the retirement phase, what goals and desires you have to fulfill after retirement, and then help you make proper investments according to your current income. The best quality of our team is that you are never late to start planning your retirement with us. Our advisors suggest the best plans according to your time and income, explaining all the clauses and policies. They explain the difference between a savings account and taking insurance and help you decide the best-suited one according to your need.

 

Frequently Asked Questions

  • Do creditors reach my retirement assets?

    Generally, employer plans such as your 401(k), IRAs and pension plan funds are protected from general creditors unless you've used these assets as securities against a loan or you are entering into bankruptcy. In this case, there's a chance they could be seized, but if the money is in a registered IRA, pension plan, or 401(k), it's more than likely, they will be protected in case of bankruptcy.

  • How are my retirement withdrawals affected by state tax?

    Each state has a different policy for tax payment, but in general, the following can be considered:

    1. Some states offer relief for retirement income up to a specified dollar amount; otherwise, withdrawals are generally taxable in states with income tax.
    2. The investments and sometimes more may come back tax-free if your state, under federal law, doesn't allow deductions for Keogh or IRA investments.
    3. For early withdrawal, i.e., before 59 ½, or inadequate withdrawal, i.e., after age 72, State tax penalties are unlikely.
  • How can the tax be eliminated or minimized on inherited retirement assets?

    Using the following methods, you can minimize or eliminate tax on inherited retirement assets:

    1. Leave them to your spouse. This saves money owed to estate tax and helps postpone withdrawals subject to income tax--provided your spouse takes no withdrawals before age 59 ½.
    2. Leave them to charity. Although there's no financial benefit to the family, again, this saves income and estate taxes.
    3. Leave them to the family for life, with the remainder to charity in the form of a charitable remainder trust. This reduces estate tax with some benefits to the family.
    4. Provide life insurance to pay estate tax on retirement assets. The benefit of this option is that it provides estate liquidity, avoiding taxable distributions to pay estate tax.

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Information presented on this website is not intended as tax or legal advice. You are encouraged to seek tax or legal advice from a qualified professional.




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