When planning for the future, you may find that finances are at the center of many of your goals. Having a retirement plan in place is intended to work towards those goals, and prepare you for the time when you are ready to stop working. At Top Investment Solutions, our St. John financial planners will work with you to develop a strategy for retirement planning that strives to help your money grow and complement the rest of your financial plan.
There are a number of retirement plans that may be available to you. For instance, one of the most common types that are offered by employers is a 401(k). With a 401(k), you are able to put away a portion of your income to be invested, and your employer may match some of that contribution. However, a 401(k) is far from the only option out there. For instance, some of the other types of plans include an individual retirement arrangement (IRA) or simplified employee pension (SEP).
Another way that you may consider saving for the future is called an annuity. While there are different types of annuities, the general idea is to make a contract with an insurance company to invest a certain amount in exchange for payouts later. A fixed annuity is one way to receive guaranteed payments, although the amount tends not to be very high. Variable annuities come with higher risk because their payouts are based on the performance of your investments. Indexed annuities follow the same idea in that some of the payment is based on performance, but a minimum payout is also involved.
If you are considering an annuity, it’s important to think about how this works into your overall plan. A financial advisor can discuss this with you in terms of your overall strategy, and advise you on the pros and cons of choosing an annuity as part of your retirement plan. One reason that you might choose an annuity is because certain plans offer payments for the rest of your life, offering a sort of safety net should you outlive your other assets.
If you have never worked with a financial advisor before, you may be wondering if you need one. When facing complex financial choices, you may find it helpful to learn more about your options by discussing them with a professional. Some common reasons that you might see an advisor include major life events (such as marriage, divorce, or new children), job changes, or increasingly complex financial situations.
If any of these situations apply to you, or if you simply have questions about the future of your finances, you may find it helpful to meet with our team at Top Investment Solutions. Our St. John financial planners will work with you on matters such as retirement planning and private wealth strategies. Contact us today to schedule an appointment with one of our professionals.
This material is not a recommendation to buy, sell, hold, or roll over any asset, adopt an investment strategy, retain a specific investment manager or use a particular account type. It does not take into account the specific investment objectives, tax and financial condition or particular needs of any specific person. Investors should discuss their specific situation with their financial professional.
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