Retirement Planning

How can an advisor help me with retirement planning?

No matter where you're starting from, our advisors can show you the right financial steps to take you closer to the retirement you want. They'll think of all the what-ifs so you don't have to and create a plan that's tailored from a range of top-rated financial solutions. Each solution works together to give you flexibility and the confidence that you can reach your retirement goals. Ready to get started? Get matched with an advisor.

What are the key aspects of retirement planning?

Depending on how you want to spend your retirement years, our advisors will help you figure out the right strategies to make it happen. We can help you with 401(k)s, IRAs, investments, annuities, and the right types of insurance. That way, you can make the most of your retirement, while still enjoying your life today. Connect with a financial advisor to get started.

Who should consider retirement planning services?

Anyone who would like to retire how they want, where they want, when they want. No matter where you're starting from, our advisors are here to show you the right financial steps to take so you can have the retirement you want. Sound good? Get matched with an advisor today.

How does retirement planning work for self-employed individuals?

As someone who's self-employed, you're in control of your retirement plan. But that can leave you wondering what retirement plans are available when you're self-employed. Unlike someone who has access to a 401(k) plan through their employer, you'll need to set up your own retirement accounts. Here are four options:

SEP-IRAs (Simplified Employee Pension Individual Retirement Accounts):

These are great for self-employed people because they're easy to set up and allow you to contribute a significant portion of your income.

Solo 401(k) Plans:

If you're self-employed with no employees, these plans offer high contribution limits and a lot of flexibility.

Traditional or Roth IRAs:

You can use these types of accounts in addition to other plans. The main difference is when you pay income taxes—now with Roth or later with traditional.

SIMPLE IRA (Savings Incentive Match Plan for Employees):

If you own a small business with less than 100 employees, you and your employees can use this type of account to contribute a portion of your salary on a pre-tax basis.

How much do you need to retire?

In general, people aim to replace around 80 percent of their pre-retirement income. The actual number will depend on things like when you want to retire, where you'll live, and what kind of lifestyle you want to maintain throughout your retirement years. Try using a retirement calculator to get a snapshot of the income you could have, and may need in retirement.

What are the best retirement plans?

The best plan is one that is designed specifically for you and your goals. To start, there are a range of employer-sponsored and personal accounts that you might be able to use in your overall retirement plan. 401(k)s, individual retirement accounts (IRAs), SEP IRAs, Solo 401(k)s, and SIMPLE IRAs are the most well-known types of retirement accounts. But just because they're the most common doesn't mean they're your only options.

Our retirement plans are tailored from a range of financial options to help you live the way you always wanted. We can help you with insurance for protection (and in some cases building a cash value²), investments to help your money grow, and income annuities for a guaranteed income stream. See which retirement accounts you should consider.

How do I figure out the best investment strategy for retirement?

The right investment strategy for your retirement will depend on your goals, risk tolerance, and time horizon. First, you'll want to figure out an asset allocation that is aligned with your accumulation goals. Typically, this is some mix of stocks and bonds, but it can also include real estate, commodities, and more.

Next, you'll want to create a diversification plan to help mitigate risk. Based on your risk tolerance, you'll put a certain amount of money into different asset classes with different risk profiles that react to market conditions differently. Generally, the younger you are, the more risk you can take. Meaning the more the risk, the more potential there is for growth. But as you get older, you'll usually want to adjust your portfolio to be more conservative—essentially swapping growth potential for stability.

Looking for more guidance? Talk to one of our financial advisors. They'll ask deeper questions to better understand your goals and priorities, and how you think about money. Their expertise will help uncover your blind spots and opportunities that might otherwise get overlooked.

How do Social Security benefits work with retirement planning?

Social Security gives you a foundational income stream throughout retirement. The amount of your monthly benefit payment will depend on how much you earned while you were working and when you started Social Security.

You can claim benefits as early as age 62. But waiting until full retirement age increases your monthly benefit. There's no right age to claim Social Security benefits, but there are pros and cons to claiming your benefits early vs later that you should consider.

If you're like others, you might be thinking that Social Security won't be enough to enjoy retirement the way you want. That's where 401(k)s, IRAs, brokerage accounts, even cash value life insurance, like whole life, can help.

Talk with a financial advisor to help you figure out which income streams could make the most sense for you. Get matched with an advisor today.

When should I start retirement planning?

The important thing is that you start—no matter if you're decades away from retirement or a few years. Giving yourself as much time as possible will certainly be an advantage. More time will let you shape your retirement plan, give your investments a runway to grow, and put the power of compound interest behind your savings. Still, even if you're getting a late start, there's still time to make the most of what you have. Connect with a financial advisor to get started.

How can I get started with retirement planning?

It's easy. The very first step is to get matched with the right advisor for you. And the first thing they'll do is ask the right questions to understand what's most important to you. Then they'll tailor your plan to help you retire the way you want.

What if I outlive my retirement savings?

Making your money last throughout retirement starts with a smart retirement plan. A key part of it should be a plan for withdrawing your savings in retirement. One well-known general guideline is the 4 percent rule. It provides a framework with a customized strategy being confident that your money will last as long as you do.

Our version of planning looks at your big picture, then tailors a plan to fit your priorities. Your retirement plan may include an investment strategy to grow your money, the right types of insurance to protect what you already have, and income annuities to make sure you have a steady income stream that can't be outlived.

Can an advisor help me plan for medical expenses?

Yes. Many people underestimate medical costs and long-term care in retirement. They're often higher than you'd expect—and on the rise. Our advisors can help you better understand potential medical expenses, the costs of long-term care, and how Medicare can play an important role. With a full understanding of your goals, they'll create a holistic retirement plan that will help keep you from using up your retirement income or assets. Talk to an advisor about your options. Get matched today.

What is a qualified retirement plan?

This is a plan the IRS has ok'd to allow money you invest to grow tax-deferred. Most retirement plans offered through work, think a 401(k) and 403(b), are qualified plans. Individual retirement accounts (IRAs), pension plans, and Keogh plans are also examples. But just because they're the most common, doesn't mean they're your only options. There's a range of employer-sponsored accounts that might work for your retirement goals.

Along with maximizing your savings, consider a retirement tax strategy to help your money last longer. The goal is to create a mix of income streams that can help you manage your total tax liability. You can visualize this as a triangle, with each corner representing a different type of account:

• Taxable accounts
• Tax-deferred accounts
• Tax-free retirement accounts

This concept helps you get the most from your retirement income by strategically taking out money in a way that helps minimize the impact of taxes.

What does a retirement plan cost?

There are no initial costs for us to tailor a comprehensive financial plan for you. Some of our financial advisors do fee-based planning, but they'll let you know that up front. Talk to one of our financial advisors about getting your retirement plan.

How do I choose the best life insurance for my retirement plan?

Having life insurance in retirement can help add more financial flexibility. The right type of insurance will depend on your retirement goals. It can simply be a safety net or much more than that. For example, whole life insurance builds cash value over time that you can use as additional income in retirement or for anything else you need throughout your life.² Talk to an advisor about which types of life insurance are best for you.

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