Retirement Planning
Retirement has a way of sneaking up on most individuals. A little planning, however, can take away one of the “surprises” many people face as they get ready to retire: suddenly discovering they won’t be able to maintain their comfortable lifestyle. To achieve your retirement dreams, you need a plan that identifies your goals.
Retirement Needs Analysis
Does your retirement plan meet the needs of you or your employees? You may be surprised! Changes in retirement plan laws have reduced the benefits provided by qualified plans. These changes affect higher-paid employees the most.
People typically need 65 to 85 percent of their pre-retirement income to maintain their standard of living after they retire. A Needs Analysis looks at the benefits you and your employees receive through their retirement plan and Social Security to determine if they're on track to meet these retirement income goals. We'll work with you to define the goals of your retirement plan, and provide analysis on different options to meet these goals.
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401(k), 457(b), 401(a), and Simply K*
These qualified retirement plans create added incentives for businesses wanting to attract top talent and reward their valued staff.
The 401k plan is the most popular retirement savings option for millions of working Americans. In the typical 401(k) plan setup, an employer allows participating employees to contribute part of their salary to the 401(k) plan. Each employee determines the amount he or she will contribute to the plan, within certain limits. Then the funds are invested on behalf of the employees. Whether you need information on contribution limits, 401k rollovers, catch-up payments or early withdrawal penalties, we have straightforward information for you.
Every plan sponsor has a different set of goals to consider when designing its programs. A retirement plan must be flexible enough to meet your company’s unique needs while staying on top of changing legal requirements and tax regulations. These plans should benefit employers and employees alike.
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IRAs
An IRA is an INDIVIDUAL RETIREMENT ACCOUNT. It is also a personal savings plan that provides income tax advantages to individuals saving money for retirement.
In addition, an IRA is a retirement investing tool that can be either an "individual retirement account" investing in mutual funds or an "individual retirement annuity." There are several types of IRAs: Traditional IRAs, Roth IRAs, SIMPLE IRAs and SEP IRAs.
Traditional and Roth IRAs are established by individual taxpayers, who are allowed to contribute up to a set maximum dollar amount. Contributions to the Traditional IRA may be tax-deductible depending on the taxpayer's income, tax-filing status, and coverage by an employer-sponsored retirement plan. Roth IRA contributions are not tax-deductible.
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Simple IRAs & SEP Plans*
SEPs and SIMPLEs are retirement plans established by employers. Individual participant's contributions are made to SEP IRAs and SIMPLE IRAs as well as contributions by employers.
SIMPLE IRAs are a retirement plan that may be established by employers, including self-employed individuals. The employer is allowed a tax deduction for contributions made to the SIMPLE. The employer makes either matching or non-elective contributions to each eligible employee's SIMPLE IRA and employees may make salary deferral contributions up to a limited maximum per year.
SEP Plans are a type of retirement plan that an employer can establish, including self-employed individuals. The employer is allowed a tax deduction for contributions made to the SEP Plan. The employer makes contributions to each eligible employee's SEP IRA on a discretionary basis.
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Estate Planning
Estate planning is the overall planning of a person's wealth, including the preparation of a will and the planning of taxes after the individual's death.
An estate is the total property, real and personal, owned by an individual prior to distribution through a trust or will. Real property is real estate and personal property includes everything else, such as cars, household items and bank accounts. Estate planning distributes the real and personal property to an individual's heirs.
Estate planning is the process by which an individual or family arranges the transfer of assets in anticipation of death. An estate plan aims to preserve the maximum amount of wealth possible for the intended beneficiaries and flexibility for the individual prior to death. A major concern for drafters of estate plans is federal and state tax law.
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Will/Trust Planning
We have all been told that if we do nothing else to take care of our legal affairs, we should write a will. That's pretty good advice. If you don't make a will before your death, state law will determine who gets your property (and it may well not be whom you would have chosen), and a judge may decide who will raise your children. In your will, you can make these decisions yourself.
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*Cynthia D. Southerland, LUTCF, Registered Representative: Securities offered through AFS Brokerage, Inc.. Member NASD/SIPC. AFS Brokerage and Southerland & Associates are not affiliated. 5300 Bee Caves Road, Building III, Suite 200, Austin, Texas 78746. Member NASD, SIPC.
This is not an offer of securities in any jurisdiction, nor is it specifically directed to a resident of any jurisdiction. As with any security, request a prospectus from your registered representative. Read it carefully before you invest or send money. Securities products are limited to residents of Texas. A representative from Southerland & Associates will contact you to provide requested information.
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