Everyone’s “best place” to put their retirement money varies because each individual and couple has unique requirements, different tolerances for risk, and need their money at different times. Likewise, there is no “one place” to keep your money that fits everyone for exactly the same reasons. In order to make sure your money is in the “best place for you”, your unique circumstances must be taken into consideration. This is where we can be of service.
The two most common money mistakes made by the retirement-minded are (a) putting all their retirement assets in short term savings places, and (b) unknowingly taking risk they can’t afford. If you have your retirement money in highly liquid places that allow you access immediately, you’re paying a dear price for liquidity you don’t need. Not all of your retirement money will be needed at the same time; therefore you may need to space your investments so they come due when needed, yet retain enough flexibility to take care of an emergency should one arise. Far too many people have all their retirement money in the “market” and exposed to the risk of principal loss. Certainly, some of your money needs to be in short-term places that give you access without penalty. Some may be able to afford the risk of the market with some of their retirement money, but too much in either place is generally a bad plan.
401/K Rollover
A 401(k) represents a way to reduce your taxable income since contributions come out of your pay before taxes are withheld. Many plans, including a matching contribution from your employer, and the money you save benefits from tax-deferred growth, allows your money to compound more quickly than it would if it were taxed yearly.
IRA
After contributing to an employer-sponsored plan throughout your career, one of the best ways to help overcome the financial obstacles that stand between you and a comfortable retirement is to contribute to an individual retirement account (IRA)
Pensions
A pension is a retirement account that an employer maintains to give you a fixed payout when you retire. It’s a kind of defined benefit plan.Your payout typically depends on how long you worked for your employer and on your salary. When you retire, you can choose between a lump-sum payout or a monthly “annuity” payment.
Survivor’s Benefits
An insurance product that continues regular payments as long as one of the annuitants is alive. A joint and survivor annuity must have two or more annuitants, and is often purchased by married couples who want to guarantee that a surviving spouse will receive regular income for life. Annuities are generally used to provide a steady income during retirement.