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Retirement Planning: Accumulation & Distribution


 
 
Wealth Management
 
 
Retirement Planning: Accumulation & Distribution
 
 
 Life & Long Term Care Insurance
 
 
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Tax Planning & Preparation


At Financial Investment Team (FIT), we believe that it’s never too late to start planning for retirement. Whether you’re just starting to think about your retirement goals, want to make sure you’re on track, or already retired, the team at FIT can help. We will work with you to develop a customized plan to help you get started and stay on track.


Retirement planning is a comprehensive process that helps you accomplish four things:

1.

Helps you determine how much money you will need in retirement.

2.

Helps you consider the many factors that can alter your income needs.

3.

Helps you determine how much to save each year to reach your goals.

4.

Provides guidance on how to save.


Retirement Income


One of the most common questions people have when planning for retirement is “How much money will I need to have financial security and the lifestyle I want?” A solid retirement plan is the best tool you can use to address this concern. The plans we prepare use advanced mathematical algorithms to determine how much income you’ll need in retirement by factoring in your personal needs, financial goals, and the “What ifs” of life.

Your retirement income needs can be influenced by many factors, some of which can be difficult or complicated to consider. Here are just a few factors a retirement plan will help you address: 

  • A plan considers the effects of inflation on general living expenses. 
  • A plan considers the cost of medical care and the need for health insurance or Medicare. 
  • A plan considers how Social Security will add to your income. 
  • A plan considers the need for long term care, life insurance, and preparing for the unexpected. 
  • A plan considers additional expenses during retirement such as college education or a new car.


Saving for Retirement


Saving for retirement can seem daunting, but a good plan defining how much to save annually can alleviate a lot of anxiety. The right savings plan for you depends on your current and future circumstances. Our goal at Financial Investment Team (FIT) is to help you make informed retirement savings decisions. With our tax and wealth management background, we’ll design a plan for you built with tax advantaged strategies.


A well-built plan uses different account types to give you a diversified pool of money to draw from in retirement. A few account types that might by used include:

IRA Rollover 

An IRA rollover is the process of transferring funds from a former employer plan to an IRA Rollover account. People often have several jobs throughout their life which can result in multiple employer provided retirement accounts. Consolidating these accounts into one can make saving for retirement easier to manage.

Traditional IRA

A traditional IRA is an individual retirement account that allows individuals to contribute pre-tax income up to specified amount each year that can grow tax-deferred.

Roth IRA

A Roth IRA is an individual retirement account allowing a person to contribute after-tax income up to a specified amount each year that can grow tax-free.

SEP IRA 

A simplified employee pension (SEP) is a retirement plan that an employer of self-employed individual can establish, allowing a person to contribute pre-tax income up to a specified amount each year that grows tax-deferred.  


Individual Account  

An individual account is a personal account that a one person can use for their own needs.

Joint Account

A joint investment account is held by two or more people. Account ownership depends on what type of joint account it is – rights of survivorship or tenants in common. 

Custodial Account 

A custodial account is an investment account for a minor under the age of 18 that is controlled by an adult. 

Trust Account  

A trust account is an account through which funds or assets are held by a third party for the benefit of another party as dictated by an established trust.



Annuities as Part of Your Retirement Savings Plan


An annuity is an insurance investment product that you make either a lump sum payment or series of payments into in exchange for the ability to receive regular distributions at some point in the future. Annuities are a useful retirement planning tool because they provide a fixed stream of income during retirement. There are three main types of annuities: fixed, variable, and indexed.


Fixed

A fixed annuity is a contract that allows for the accumulation of money on a tax-deferred basis and promises a predetermined return each year.

Variable

 A variable annuity is a contract that allows for the accumulation of money on a tax-deferred basis and provides the owner with future payments based on the performance of the underlying securities.

Indexed

An indexed annuity is a contract that allows for the accumulation of money on a tax-deferred basis where return is based on an market index, such as the S&P 500.  


At Financial Investment Team, we use a comprehensive approach to retirement planning that provides you with the necessary steps to help achieve your retirement goals.



For more information on retirement planning services,
contact FIT today.



Contact Us


 
 
Wealth Management
 
 
Retirement Planning: Accumulation & Distribution 
 
 
 Life & Long Term Care Insurance
 
 
Medicare & Health Insurance
 
 
Education Planning
 
 
Estate Planning
 
 
Tax Planning & Preparation