During our working years we are in the wealth accumulation phase of our lives. When we retire, we enter into the wealth distribution phase of our lives and we start to live on the money we have accumulated. We may live as many years in retirement as we spent in the work force. Retirement planning addresses the need for regular income as well as increasing wealth during retirement.
A comprehensive retirement plan takes many factors into account, such as, expected retirement age, social security & pension income, estimated healthcare costs, and creating a diversified investment portfolio to continue to grow your savings. Intermountain Wealth will also manage investment risks to protect your nest egg. A well-crafted retirement plan will provide you with financial security and peace.
Our investment strategy is designed to avoid major market downturns, so you hold onto your hard-earned money. We develop a retirement expense projection that will show you when you can retire, how much you can spend a year, and how long your assets will last you.
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Ideally, starting in your 20’s or 30’s will maximize your compounding efforts, but it’s never too late to start. Schedule a free assessment with us today and we’ll create a plan on how to reach your goals together.
Everyone’s retirement goals are different based on their lifestyle and expected expenses. Factors like expected retirement age, health care costs, expected lifespan, and more are taken into consideration when charting out goals. A financial advisor at Intermountain Wealth will help you determine how much you need to save to continue living the lifestyle you want in retirement.
A 401(k) is a retirement savings plan sponsored by your employer or spouse’s employer. You can contribute a portion of your salary to the plan, and at times, your employer may match that contribution or a percentage of it. The money is then invested into an investment portfolio of your choosing.
A Roth IRA is a retirement savings account that allows you to contribute after-tax dollars. The money in this account grows tax-free and you can withdraw from it tax-free during your retirement.
The amount you need to save may vary depending on your individual and family circumstances, but it’s recommended that you save at least 15% of your income for retirement.
If you have a beneficiary designated on your retirement account, then your savings will go to that person after you pass. If you don’t have a beneficiary designated, your savings will then go to your estate.
It’s important to start saving as much as you can now. Please give Intermountain Wealth a call today to discuss options to catch up on your savings. Developing a plan with the help of a financial advisor will help you find investment opportunities, savings opportunities, and more. For example, if you are above the age of 50, you can put more money into a Roth IRA than someone younger.
We at Intermountain Wealth Management strive to provide exemplary financial services for clients from all walks of life. Here are two reasons why this is important:
We help individuals put all the pieces of the puzzle together to make one clear financial picture.
With over 30 years of experience and a strong community network, we can help with almost any pain point or issue our clients may have. Instead of spending endless hours of work and stress on your own, let us help create a plan that is easy for you.