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Everyday 10,000 people in America turn 65. By 2045, there will be 84 million retirees in America. Never before in our history have we had so many persons who are already in the retirement bracket, and entering the retirement bracket. Approximately 70% of pre-retirees do not think they are ready for retirement. They are very concerned that they will outlive their assets. It is time to rethink retirement since you have been shouldered with the responsibility of saving for retirement as well as managing your money while in retirement.
Everyday 10,000 people in America turn 65. By 2045, there will be 84 million retirees in America. Never before in our history have we had so many persons who are already in the retirement bracket, and entering the retirement bracket. Approximately 70% of pre-retirees do not think they are ready for retirement. They are very concerned that they will outlive their assets. It is time to rethink retirement since you have been shouldered with the responsibility of saving for retirement as well as managing your money while in retirement.
Many individuals are participating in various retirement plans in their effort to prepare for their golden years. Planning may include an IRA where they have created an Individual Retirement Account for themselves. Contributions are made before taxes are deducted and can therefore grow on a tax deferred basis. Others may choose a Roth IRA where the contributions are made on an after tax basis and therefore grow on a tax free basis. If you work for a company, you may elect a 401(k) where deductions are made on a pretax basis and can grow tax deferred.
If you work for the government, or non-profit organizations or certain churches then a 403(b) plan may be a likely path on a pre-tax basis, or a Roth 403(b) on an after-tax basis. Some government employees may even elect a 457(b) plan since they desire greater flexibility.
Individuals who are involved in business activities can accumulate retirement funds through a Solo 401(k) as a sole proprietor, where they are making contributions both as an employer and employee. Some business individuals may opt for the easier SEP IRA, which is a Simplified Employee Pension program for those who are either self employed, or small business owners as there is a percentage of business income option since one is an employer and also want to take care of his or her employees. Other business people who are small business owners with employees may even opt for the Simple IRA which has much less paperwork. Naturally there are guidelines which must be met in all cases.
Despite all of these options, individuals are very concerned about their future as well as how can they be protected now, in terms of their cashflow
When you take the time to plan for your future than you can have the time of your life doing the things that you want to do in your retirement. You will also have peace of mind now. You can take control of your future now by sitting down with our agents so that we can tailor a program for you that protects your cash flow as you grow it!