Retirement Accounts
Your employer-sponsored retirement plan is an important benefit. Our team can help you understand and maximize it.
Solutions for Every Phase
Enrolling in your employer’s retirement plan is an important first step on the path toward saving for your future. Your employer-sponsored retirement plan is not just a program added to your benefits package, it’s an essential savings vehicle designed to help you retire ready.
Most plans provide flexibility to allow you to spread out your contributions or diversify among different investment types, and provide many benefits, including:
- Automatic payroll contributions
- Pre-tax contributions and tax-deferred earnings on traditional plans
- Tax-free withdrawals for qualified distributions from Roth-style plans
- Choice among different asset classes and investment vehicles
- Potential for employer-matching contributions
If you don’t feel comfortable or have the time or resources to manage your retirement account on your own, AssuredPartners Investment Advisors can help by working with you to:
- Analyze your current strategy
- Determine your retirement goals
- Understand your risk tolerance and advise you on what types of investments are appropriate for you
- Develop a specific plan that will help you get on track toward the retirement you envision
The road to retirement can be a complicated journey at times — having a trusted a financial professional to guide you can help you feel more confident that you are making the best decisions for your financial future.
Invest in Your Retirement Readiness
- A retiree spends an average of $4,300 a year on health care expenses.
- An average 65-74-year-old spends about $55,000 year on living expenses.
- A person that is 65 today is expected to live to about 85. An increase in life expectancy means more time spent in retirement.
- As many as two out of every three people don’t have more than $100K in savings for retirement.
Source: Retirement Industry Trust Association, “2022 Retirement Stats You Should Know,” https://ritaus.org/2022-retirement-stats-you-should-know
The answer is simple: as soon as you can. Ideally, you'd start saving in your 20s, when you first leave school and begin earning paychecks. That's because the sooner you begin saving, the more your money has the potential to grow. Any gains during the year have the potential to generate their own gains the next year - a powerful wealth-building concept known as compounding.
A rule of thumb is to save 10% - 15% of your income; however, it’s a good idea to establish a savings target - one that tells you roughly how much you should set aside over time towards meeting your goals. When determining how much you will need in retirement, be honest about how you want to live in retirement and how much it will cost.
Your employer-sponsored retirement savings plan is a great place to save for your retirement. Knowing the benefits and basics of your retirement plan can start you on a path to a confident future. Take advantage of the resources available online to jump start your savings!
Blog
Favorable tax treatment is one of the main reasons for buying an annuity. But what exactly are the tax benefits? And are there any drawbacks? It’s important to know the answers to these questions...
Are You Well? Today, most employers have wellness programs. They started largely to give employees an incentive to stop smoking. By quitting smoking, they could save money on health insurance. They...
As prices for household goods seem to continue to climb, when student loan payments restart, many people are wondering how they’ll fit these payments in. In this article, learn tips for paying off...