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Retirement Planning in Orlando

Making Retirement Possible

If you are planning to retire, you won’t ever retire unless you speak to the right investment firms. In retirement planning, your focus is on accumulating assets to be able to spend them in retirement. The process of retirement savings involves several unique steps. First, retirement planning starts by looking at your current income. Your income is typically where your retirement savings will come from. There are many types of income ranging from regular earned income, self-employment income, life insurance, long term care insurance, health care protection, annuities, mutual funds, rental income, stocks, bonds, and income from your various investments like a real estate investment trust.

Depending on the nature of your income, it may be possible to save some of this income on a tax-deferred basis. Saving on a tax-deferred basis allow you to effectively save more due to the resulting tax savings in the current year. An income planning consultation will help you determine this.

The next step of this retirement accounts process involves looking at various forms of debt, such as:

  • Mortgage
  • Car loans
  • Credit card debt
  • Student loan debt

Our Strategy for Your Retirement

Our first focus is providing strategies to pay off items ith a high-interest rate and debt.

Once this is done, our financial advisors concentrate on saving you money for retirement. Debt needs to be addressed first because if you are still paying off your credit cards in retirement, then chances are you won’t be able to fully retire when you want to. A review of your tax situation and doing tax minimization planning are typically the next steps in planning for your retirement.

Our certified financial advisors and tax professionals will look at prior year tax returns to determine your marginal tax bracket and determine whether any changes need to be done to your tax withholding at work. For example, if you got a large refund, you may be better off adjusting your tax withholdings and savings on a monthly basis. In other situations, depending on total income, you may actually be eligible for a tax credit for your retirement savings.

Savings Through Your Employer

Our financial advisors also review any savings options you have through your employer. Many employers provide savings vehicles for their employees in the form of 401k plan, medicare plans or similar options. These types of employer-sponsored plans typically provide matching dollars from the employer for your contributions. This is one way that you can effectively boost your retirement savings by taking advantage of these employer contributions.

Our financial consultants will help you review these asset protection options so that you properly understand your potential retirement savings benefits and your pension plan. If your employer does not offer any such options, then we review the option of funding an Individual Retirement Account (IRA). If eligible, there is a similar tax saving for contributions to an IRA just like a 401k consultation. Otherwise, it is possible to establish alternative tax accounts that can help you accumulate money for retirement.

Understanding Your Investment Options

The last step in this process is sitting down with one of our financial advisors to help you with retirement advice and determine the proper allocation of your 401(k), 403(b), deferred compensation, or similar employer-sponsored retirement plan. Many of these plans change frequently and have limited investment options. We can help you select the best available private investment option for your plan and discuss the specifics of your retirement with you.

The criteria that affect your investment options include:

  • Time Horizon
  • Goals and objectives
  • Individual’s risk tolerance

The further you are from retirement, the more you will need a growth orientation on your retirement benefits and long term care planning. When you leave your employer, we encourage you to rollover your old account to an IRA for a variety of reasons. First, the investment options are broader in an IRA, which gives you more options when you retire. Second, the options of your beneficiaries to defer taxes are greater in an IRA. Lastly, an IRA allows you to set your tax withholding rather than the automatic 20% that applies to employer-sponsored plans.

For more information regarding our retirement planning, social security and estate planning solutions, contact our office at (407) 629-6477 today!

What Sets Us Apart?

  • Integrated retirement planning, tax mitigation, legacy planning and wealth management with a focus on timely and proactive client communication.
  • Family owned and operated since 1984 with a tradition of producing superior investment results at a cost typically 25% less than other firms.
  • Central Florida’s fastest growing and most honored financial planning firm with the area’s longest running radio show.