Dependable Retirement Planning Advisors

Federal Way Retirement Planning

Federal Way retirement planning may seem like a scary concept when you first start your career, but with practice and direction it becomes manageable. Understanding how tools like 401(k)s or 403(b)s work is a valuable lifelong tool that can only help you. Using the application on this site is an easy way to find someone in WA to help advise you on how to get started defining your Federal Way retirement planning needs. You don't have to plan for your Washington retirement options on your own; there are many effective agents in Federal Way waiting to help. Let us help you find somebody to guide you through the planning process from beginning to end.

Utilizing Your 401(k)

The small stack of paperwork you encounter upon starting a new job in Federal Way may seem confusing, especially if you've never had to deal with it before. W-4s, I-9s, health insurance, and retirement plans can all feel very overwhelming. However, within this stack of paperwork you likely have one of the most powerful retirement planning tools available in Washington at your disposal now, a 401(k). Contact a Federal Way retirement planning specialist to help answer any questions you may have and to start planning for your future. Starting as early as you can to save for your retirement can make the process much easier.

There is a limit on how much of your income you can save into your 401(k) each year in Federal Way. This amount is indexed to increase with inflation, but in 2011 the amount was set at $16,500. When you reach age 50 you're allowed to make an additional $5,500 in catch up contributions to help in case you haven't saved enough to reach your goals. Your Federal Way retirement planning specialist can help you determine how much, up to that limit, you need to put away for your retirement needs.

Planning for unexpected expenses in WA by setting up an emergency fund can eliminate the need to make premature withdrawals from your 401(k). If you have to take money out of your 401(k) before age 59 1/2, you must pay the taxes on the withdrawal plus a 10% penalty. For example, if you are in the 15% tax bracket and needed to remove $1000 from your 401(k) to help with your mortgage payment, you would pay $250 in taxes and penalties. This works out to $150 in taxes and $100 in penalties.

Having a knowledgeable Federal Way retirement planning agent to help direct you through this process can be very helpful. Talk to them about special exceptions for making withdrawals from your 401(k) without having to pay penalties. You may want to consider taking a loan from your 401(k) if your Federal Way employer's plan allows them. This way, you'd just pay interest on the loan to yourself instead of paying taxes and penalties.

Using Insurance

When examining your Federal Way retirement planning needs, you should also discuss with your agent the important role life insurance can play in your comprehensive plan. Insuring your life, especially if you have a family to take care of, can ease the huge burden that arises from not properly preparing for an untimely loss. WA residents could be surprised to learn that average funeral costs can easily top $10,000. If something were to happen to you, the last thing you'd want to leave your family in Federal Way with is a very large bill.

You may want to consider speaking to your Federal Way retirement planning professional about how life insurance can be used for spousal income retirement support as well. Ask yourself, if something were to happen to you, would your partner be able to continue their lifestyle on their income alone? If you have children the answer to that question is probably no. Life insurance is a great planning tool to use to provide income replacement.

Life insurance, as one component of your Federal Way retirement planning process, can also be used to create an immediate estate for your heirs. Many in Washington use this as a means to leave behind money for their family to make their lives easier. Setting up an Uniform Gift to Minors Account (UGMA) for a grandchild to help pay for college tuition, creating a steady stream of income for your spouse, or generating an amount to help your son or daughter buy their first house in Federal Way are tools for planning.

Federal Way retirement planning is much simpler with the help of a qualified specialist. Just as your doctor in Washington stitches up your arm when you slice it open, a financial advisor guides your financial decisions by using the techniques they've learned through education and experience. Let them help you get to where you want to be.

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Retirement Planners In Federal Way

13231 SE 36th St
Suite 215
Bellevue, WA 98006

Jim Falcone
Jim Falcone
10900 NE 8th St. Suite 1000
Bellevue, WA 98004

Gary Jeweler, CFP, CPA, PFS, CLU
Gary Jeweler, CFP, CPA, PFS, CLU
2815 Eastlake Ave E Ste 300
Seattle, WA 98102

Josh Label
Josh Label
3400 Carillon Point
Kirkland, WA 98033

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