Regardless of your age, retirement planning is essential in order to be prepared and comfortable in the golden years of life. There are many factors to consider when looking at which retirement plan will be most suitable for an individual, what they will actually need in retirement and the impact of taxes and inflation on their portfolios.
Meckenstock Group Professionals can help you prepare for retirement by establishing goals and helping you learn about the proper ways to save and invest money. There are multiple retirement vehicles available that offer investors both immediate and future tax savings. Some of these vehicles are IRAs, Roth IRAs, 401(k)s and 403(b)s. To learn more about each type of account, please visit the links below.
Available Retirement Plans
IRA: An investment account in which a person can set aside income up to a specified amount each year and usually deduct the contributions from taxable income, with the contributions and interest being tax-deferred until retirement.
Roth IRA: An individual retirement account allowing a person to set aside after-tax income up to a specified amount each year. The account grows tax-free.
401(k): A retirement investment plan that allows an employee to put a percentage of earned wages into a tax-deferred investment account selected by the employer. Any withdrawal is subject to income tax.
403(b): A tax-advantaged retirement savings plan available for public education organizations, some non-profit employers, cooperative hospital service organizations, and self employed ministers in the United States.
Pensions: Employer contributes an actuarially determined amount sufficient to pay each participant a fixed or defined benefit at his or her retirement..
Example of contributing $6000 per year at various rates of growth.
Information and/or opinions on any website other than that of www.themeckgroup.com do not necessarily represent the views or opinions of The Meckenstock Group, IFG or its staff and advisors. An individual should contact a financial professional or other trusted advisors before making any investment decisions.