The reality of retirement funding is that we may not have Social Security to supplement our retirement. We can’t rely on that income. When you work with a financial professional, like those at Heritage Financial Strategies, we review your personal retirement savings and offer solutions and suggestions for you to work towards reaching your financial goals.
You might be doing better than you think.
If you’ve been saving money in an employer sponsored retirement plan and haven’t withdrawn any money, you’re on the right track. You have savings for retirement that’s growing and that you can withdraw without penalties when you reach retirement age.
How much do you need for retirement?
That depends on the lifestyle you want to live after you retire. A financial professional can help you determine the amount you need to be saving today to live the lifestyle you desire in the future.
Are you maximizing your current investments?
Maximize your employee retirement savings by investing up to the amount the employer will match. Speak to a financial professional about other retirement savings options. They can review your current accounts, suggest changes to your investments within an employer sponsored plan as well as other options.
Do you have retirement accounts from former employers?
If you do or you aren’t sure, now is the time to research and consolidate. Not moving your retirement account from an employer based account to an IRA could mean you’re paying fees you don’t need to be paying. You can rollover retirement accounts into an IRA that a financial professional like me can manage for you.
Is there a penalty for closing a retirement account like a 401K or IRA?
There is only a penalty if you withdraw the money before retirement age, typically 59.5 years old. You can move your retirement savings from an employer sponsored retirement plan to an IRA without penalty.
Depending on your age, you may still receive payments from Social Security but I wouldn’t bet my retirement on it. The reality of retirement savings is that you need to be planning and funding so that you can support yourself when you retire.
**Please be sure to speak to your advisor to carefully consider the differences between your company retirement account and investment in an IRA. These factors include, but are not limited to changes to availability of funds, withdrawals, fund expenses, fees, and IRA required minimum distributions.
For more information on retirement funding, please make an appointment with Shanna Tingom of Heritage Financial Strategies at 480-397-1184.
Are you ready to discuss your financial goals with Gilbert, Arizona's Most Successful Dave Ramsey Smartvestor Pro?
East Valley Smartvestor Pro Financial Goal Planning and Retirement Planning Advisor. Serving the East Valley Region of Greater Phoenix area. Watch the video of your city below.
Chandler, AZ: Your Dave Ramsey Smartvestor Pro
Queen Creek, AZ: Retirement Financial Goal Planning
Mesa, AZ: Saving for Education with 529 Plans
Tempe, AZ: Women, Pensions, 401k & Divorce