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Charlotte Retirement Planning

Charlotte retirement planning may involve a 401(K), an IRA, a Roth IRA or another retirement account. 401(k)s have an advantage over IRAs, if employer matching is a possibility. Of course, all accounts have their advantages and disadvantages. Beginning to understand the different kinds of accounts will help you figure out which one(s) can best help you achieve your Charlotte retirement planning goals.

You may have heard some things about Charlotte retirement planning that simply aren't true. Debunking Charlotte retirement planning myths is a good way to start successfully creating a North Carolina retirement savings plan. For example, you may have heard Charlotte retirement planning experts state that all retirees need a certain percentage of your income during your later years. Well, don't listen to them, because they're only guessing!

Retirement Savings Accounts

If your Charlotte, NC employer offers 401(k) plans, you should probably take advantage of it. If you're lucky, your North Carolina company will match your contribution. An employer may match half of your contribution for up to 6% of your salary, for example. Basically, this is like getting free money! So, it's generally agreed upon that turning down a matching 401(k) is a bad idea.

The possibility of matching is one reason that 401(k)s are sometimes considered better than IRAs. Another reason is 401(k)s often allow higher limits than IRAs. So, you can save up more in 401(k) than an IRA. Well, at least you can contribute more to it! Both programs have government mandated limits, but 401(k)s have higher limits.

Also, you can borrow money from your Charlotte, NC 401(k) without any kind of penalty (as long as you pay it back.) However, you can't borrow from a North Carolina IRA. It's not a good idea to take money out of your 401(k) if you can help it, but if you ever really need cash, you can do it.

One problem, though, with 401(k)s, is that you have limited investment options. With a Solo 401(k) you have flexible investment options, but with an employer 401(k), you don't. However, with a Charlotte, North Carolina, IRA, you have greater investment opportunities and can therefore (most likely) achieve greater growth.

The advantage of both IRAs and 401(k)s, as opposed to other savings accounts, is that you can put your money in there without paying income taxes. Furthermore, the money grows tax free while it's invested. However, you will have to pay taxes when you take the money out, which needs be taken into account during your Charlotte retirement planning.

If you're planning to be in a higher tax bracket when you retire, you may want to consider what is called a Roth IRA. With a Roth IRA, you pay taxes before you put the money in, but you don't pay taxes when you take it out. This makes planning your finances for later life much easier, since you won't get hit with a big tax bill right before your Charlotte retirement.

Debunking Retirement Myths

When you start talking about planning your retirement, you may hear some myths. For example, many Charlotte financial planning specialists suggest that you need a certain percentage of your income to cover finances during your golden years. However, this percentage is actually different for everyone. Some people end up taking expensive trips during their retirement, whereas others live very frugally.

You may have also heard that you need a broker in order to manage your stocks. However, you don't really need a Charlotte stockbroker to watch your investments. You may want to consider a financial advisor, or a Charlotte retirement planning specialist, but you don't necessarily need a stockbroker for planning. Actually, the odds are against brokers, and brokerage fees are costly.

You have probably also heard that you should always diversify your investments. For the most part, this is true. However, it's okay to trust a financial advisor, and have him or her delegate your money. Naturally, you have to make sure your financial advisor is completely reliable, but it's okay to have him or her help you allocate your funds if so.

Also, there are certain situations in which you don't necessarily want to have diversified investments. For example the best investments for your 401(k) are bonds. Stocks are typically best in regular accounts, whereas bonds are better in 401(k)s. Of course, it's good to have both kinds of investments, so you're diversified!

Talking to a Charlotte retirement planning advisor can help you figure out the appropriate kinds of investments for your portfolio. A Charlotte retirement planning specialist can also help you figure out how to budget appropriately, and how much money you need to save up for your later years. Planning your income for your golden years is a complex process, and it's very helpful to have professional assistance with this task.

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Retirement Planners In Charlotte

TONY MONTANARI, CIMA
TONY MONTANARI, CIMA
212 S. Tryon Street
Suite 1680
Charlotte, NC 28281

Paul Brown
Paul Brown
10590 Independence Pointe Pkwy
Ste 100
Matthews, NC 28105

Richard Norkum, CFP
Richard Norkum, CFP
15720 Brixham Hill Avenue
Suite 575
Charlotte, NC 28277

Austin Konecke
Austin Konecke
11006 Rushmore Drive Suite 175
Charlotte, NC 28277

Gregory Hampy
Gregory Hampy
513 Montgrove Place
Concord, NC 28027

Austin Konecke
Austin Konecke
19109 West Catawba Avenue
2nd Floor
Cornelius, NC 28031

Garrett Moretz
Garrett Moretz
181 North Main Street
Suite 208
Mooresville, NC 28115

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