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Too many people avoid planning for retirement and find out they may not have the money they need to retire comfortably. This is problematic once you get into your 50s because you have less time to plan. Income from social security will probably not be enough to support our needs during retirement. Therefore, the right planning strategy matters.

Customized solutions based on your needs

One problem many people complain about is too often, financial planners offer a “one-size-fits-all” solution to retirement planning. We know that does not work because everyone has unique needs. While two people may be of identical age, they may have different needs.

The goal of any financial planner should be to determine what works right for your needs today and in the future. This means creating a customized solution that considers your current finances. A review of your assets including cash on hand, hard assets like your home, and the value of your retirement account and your life insurance policies. Additionally, your tax bracket should be considered as well.

Setting up the right retirement accounts

One of the options you will have is setting up an account to deposit your retirement savings. However, the type of account you should set up will depend on numerous factors including your marital status, how much you plan to save annually, and whether or not your spouse works.

Individuals, married couples, and small business owners all have different needs. Regardless of how much money you have saved for retirement, having a plan to address your financial needs in retirement is crucial. For some, planning may be merely a need for setting up an IRA or ROTH account, while others may need a more complicated plan involving a trust or a business succession plan.

Contact Roberts Tax and Retirement Planning for a customized approach to your retirement planning. We will take the time to carefully evaluate your current portfolio, help you make decisions about the right investment strategy and make sure you understand the tax ramifications of your investment decisions.