Making a Plan

At this stage in your life, your goal should be to begin building up enough assets to provide adequate income to meet your needs throughout retirement – accounting for factors like increased longevity, healthcare costs and inflation. To accomplish this goal, you need a plan.

How Much Money Will You Need?

You are unique, and so are your retirement needs. The old saying that you need 80% of your working income to retire on is no longer accurate. Do you want to travel more? Move to another city? Provide for your children? Your distinct situation requires a distinct plan.

Our process of retirement planning uses a Monte Carlo analysis method to give you a probability of success in achieving your goals. This helps you plan for and maintain your standard of living while meeting the goals you have in life. A meeting with an MMFA advisor will help you develop a plan that helps meet your needs.

It’s important to think through how much income you’ll need to cover your expenses and achieve your goals in retirement. Learn more…

Once you’ve evaluated your income needs for retirement, it’s time to develop a well-crafted retirement plan. We can help guide you through this often complex process, which can involve different strategies, each with possible tax deferred advantages. These strategies may include:

  • Contribute to your employer’s retirement plan, such as a 401(k) or 403(b), and take advantage of match programs; consider automatic payroll deduction for dollar cost averaging. Or roll over assets from a previous employer’s plan.
  • If you don’t have an employer plan, or if you wish to invest separately from your employer sponsored plan, consider investing regularly using an Individual Retirement Account (IRA). You may wish to discuss the tax implications of both traditional and Roth IRAs to determine which best meets your needs.
TRADITIONAL IRAYou may be able to deduct the contribution from your income taxes, depending on participation in a workplace plan and income.
ROTH IRAYou do not receive the income tax deduction. But, when you reach retirement age, you are able to take qualified withdrawals tax-free.*
SIMPLE AND SEP IRAThere are other tax-deferred retirement saving options to consider if you are self employed or a small business owner

*Unless certain criteria are met, Roth IRA owners must be 59½ or older and have held the IRA for five years before tax-free withdrawals are permitted.

You should discuss any tax or legal matters with the appropriate professional.

In an IRA, Investment-related expenses may include sales loads, commissions, the expenses of any mutual funds in which assets are invested and investment advisory fees. We can review all of the allowed options, such as keeping your 401(K) at your former employer, rolling it to your new employer, moving it to your own IRA or taking a distribution. Each option has potential benefits and drawbacks, so we’ll help educate you based on your individual situation.

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