Retirement Planning and Services
We make planning for your retirement easy by allowing you to quickly access and research information on all the investment vehicles available. With the abundance of information available, it can be difficult to decipher what is appropriate for your specific financial situation. Determine the necessary amount you need to start saving now. Listed below are factors to consider before choosing a retirement plan.
At what age do you plan on retiring? Some believe an earlier retirement can lead to a more enjoyable life. While this may be true, early retirement also requires you to save more money. Unexpected issues, such as health problems or company downsizing, can dramatically change your future. We understand how important it is to consider all possible sources of retirement income and promise to do so when reviewing your retirement strategy.
Future Health-Care Needs
The rising cost of health care is a concern for everyone, especially the senior population. Fewer employers are offering health benefits after retirement, leaving health care costs to be absorbed solely by the retiree.
You cannot expect to rely on Social Security as your sole income after retirement. You must be aware of the ways to mitigate the taxation on your Social Security benefits.
It’s important to think about what type of lifestyle you want to have once you retire. Do you plan to dabble in a new hobby or travel abroad? If so, your ideal retirement would require additional living costs. Many people believe they will continue to work part-time after retiring, but if this is not the case for you, it's important to have the appropriate funds saved to support your new lifestyle.
Inflation is the increase in the price of products over time. When constructing a savings plan, include inflation in the equation. Inflation is detrimental to your savings goal, as it can lower the value of your savings from year to year, thus reducing your purchasing power over time. If possible, increase your savings to keep pace with inflation, to ensure that you won’t be short of funds during retirement.
Retirement Plan Services
If your business is thinking about setting up a retirement plan, or if you are wondering whether the one you have is right for you, take advantage of the specialized expertise of our Asset Management & Trust Department.
We offer assistance with:
- 401(k) Plans
- Profit Sharing Plans
- Defined Benefit Pension Plans
Our Employee Benefits Specialists can help you determine what plan makes the most sense for your business and will handle all the details involved with implementing and administering your plan. Contact one of our Trust Officers today.
Please consult your tax advisor for more details or help planning your retirement!