Retirement can be a scary time for some. The uncertainty and fear that comes with retirement can be daunting at times. A good percentage of retirees go into their retirement without a plan, which only adds to the uncertainty associated with retiring. Luckily, there is a way to combat the uncertainty of retirement. Setting up an Individual Retirement Account (IRA), 401k, or any other retirement investing account will get you started on the right path, but it isn’t the only tactic you should use to calculate what you need for the rest of your life.
By using retirement planning from Rogers Tax Advisory Group in North Charleston, you’ll be set up with a retirement financial planning expert that will work for you to create the best plan for you. A financial planner from Rogers will sit down with you and go over every situation that may arise in your retirement, from what you need to sustain yourself and loved ones in your retirement to possible market fluctuations and medical expenditures that you may not be able to plan for by yourself. Our certified financial planners will make the perfect retirement plan for you, customizing it to fit your every need. But you probably still have questions regarding retirement and retirement planning, which is completely normal. Luckily, we’ve devoted this page to helping answer some of the most frequently asked questions regarding retirement. Keep scrolling to learn more or contact Rogers Tax Advisory Group to learn more.
What Age Should You Retire?
This is one of, if not the most, frequently asked question when it comes to retirement. For the most part, there is no definite answer. According to the U.S. Census Bureau, the average age of retirement in America today is 63, but this age is considered just a little early as you aren’t yet eligible for retirement benefits. 65 is the age that you’re able to apply for social security and Medicaid, but if you plan on retiring before then, you’ll need a private retirement plan to sustain you until you can take advantage of these benefits. To benefit the most from retirement benefits, like Social Security and Medicaid, you’ll first need to reach or go beyond your full retirement age, or FRA. Your FRA is the age you receive the full amount for your retirement benefits. Retiring before your peak FRA will give you less; while, waiting a few years after your target FRA will give you more.
At Rogers Advisory Group, we believe that, when you’re ready to retire, you’ll know it. Having a financial planner put together a personal IRA or 401k will give you the foundation you need to have a long and happy retirement. Creating a personal retirement plan will only build up and strengthen your investment, helping it last even longer than you initially thought. We believe that retirement planning is the right move for everyone, and should be done long before you think of retiring. Everyone’s personal retirement age will differ, so what’s right for your neighbor may not be what’s right for you. That’s why our retirement experts sit down with you and create a custom retirement plan that’s built around your interests, needs, and possible future. This ensures you get the best coverage no matter happens in your golden years.
Access To Money
The basic access to the money retirees have spent so long saving is another big concern when it comes to retirement. How do you get the money out? When should you use it? What should you use it for? These questions and more are asked daily by people getting ready for are already in retirement. For most people of just about any age, the general belief is that in retirement you just buy everything you’ve always wanted. They think that sports cars, speed boats, and tropical vacations are the norm. While these amenities are nice and can surely be purchased or splurged on if you have the ability to do so, fiscal responsibility in retirement is no different than any other time in life. Use your money for what you need to live and thrive, and if you have the excess funds to go on that vacation you’ve always fantasized about, then by all means do so.
With an IRA or other retirement account from Rogers Tax Advisory, you’ll be able to save up and have easy access to your funds whenever you may need them. You can access all of your retirement funds easily for everyday needs like groceries or gas, unforeseen expenses like medical bills or auto accidents, or planned amenities like a vacation or new car. The money in your retirement account is yours, and by setting up a personalized retirement plan with Rogers, you’ll know exactly when and what to use your money on. Set up a meeting with our expert financial planners to learn exactly how retirement planning can help you.
Can Your Excess Funds Carry Over
Many parents going through retirement often worry about their children and their well-being after they pass. It’s a normal concern for many people. Luckily, many retirement accounts will allow you to name a beneficiary or give out the remaining funds of your IRA or 401k in your will. There are stipulations and tax implications that arise when you do this, however. For most accounts that are passed to an heir or heirs, they will not be able to add to the balance of the account. However the interest will continue to accrue normally. Your beneficiaries may also have to withdraw a certain amount each month or year to continue holding the account. While pensions can be often be passed to a spouse after the primary holder passes, they cannot be passed to children or dependents.
When you set up a retirement account or start retirement planning with Rogers Tax Advisory Group, our retirement experts will go over everything with you regarding all of your retirement accounts whether they’re opened with us or someone else. Our financial advisors will instruct you on what can be passed down, what can’t be, and what happens with each account after you pass. We’ll help you understand everything you need to know regarding retirement, your money, and what will happen with it after you’re gone. Rogers will even be able to help you set up personal wills and other official beneficiary notes to ensure your loved ones will be financially stable after you pass.
How Much Money Do You Need
Again, this question doesn’t have a specific answer right away as everyone’s retirement needs are completely different from each other. While your best friend may require a large sum of money to help get them through retirement, you may only need half as much. You’ll want to save enough money to help sustain yourself, your spouse, and possibly your children comfortably for the remainder of your life. No one person knows for sure how long they will live, nor can they foresee emergency expenditures such as medical costs or accidents that may pop up unexpectedly. Anyone that says you need an exact amount for your retirement without sitting down and learning about you most likely doesn’t know what they’re talking about.
That’s why we here at Rogers Tax Advisory Group in North Charleston take the time to truly get to know you. That way we can both sit down and create a retirement plan that’s perfect for you. We’ll tailor your plan to your specific needs and lifestyle accounting for possible unforeseen occurrences that may show up along the way. This way you’ll be ready for everything that may try to tarnish your golden years. With a retirement plan from Rogers Advisory Group, you’ll be making an investment in yourself for the years you truly need it.
If you have any other questions or retirement concerns that we haven’t gone over on this page, feel free to contact the retirement planning experts at Rogers Tax Advisory Group. The professionals at our North Charleston location will be more than happy to assist you in any way possible. Call us today to get a free estimate on your retirement account or set up an appointment with one of our professional retirement planners.