Dependable Retirement Planning Advisors

Los Angeles Retirement Planning

Los Angeles retirement planning may involve either an IRA or a 401(k). 401(k)s have a considerable number of advantages over IRAs, given the potential for matching contributions and limits on pre-tax dollars. However, CA IRAs do have some advantages, thanks to the more diverse investment options.

One thing you'll want to do during your Los Angeles retirement planning is calculate your anticipated expenses. Most likely, the more money you've made during your lifetime, the more money you'll need during retirement. Funny, isn't it? Well, unless you're one of those rare people that lived very simply and didn't spend the money you made, you're probably planning to stay within (approximately) the same financial means.

California IRA Versus 401(K)

If your Los Angeles employer offers a 401(k), you should take advantage of it. Don't rely on social security to cover all your needs during your golden years; most likely, it won't. 401(k)s are a great way to save up money for your retirement, and the money is deducted right from your paycheck which will make life easier for you.

Also, if you're lucky, your California company will match your contributions. Your employer may offer to match 50% of your contribution for up to 6% of your salary, for example. This is basically like getting free money, and it improves the outlook of your Los Angeles retirement planning. The money that goes into your 401(k) is tax-deferred, meaning you don't pay taxes on it until you take it out.

The limits on the amount you can contribute to a 401(k) is considerably higher than that of an IRA. Both programs have government mandated limits, but the limits on an IRA are much less than that of a 401(k). Even if you don't have much to invest and you've only recently begun your Los Angeles retirement planning, a 401(k), if available, is probably a better option than an IRA.

Here's another advantage of a Los Angeles 401(k): you can borrow money without penalty. You have to pay it back, of course, but you can't borrow at all from a Los Angeles IRA. If at any time you really need money (say, you're about to go bankrupt), you can take it out of your 401(k) account. Hopefully, you won't ever need to, but it's good to have a backup option.

On the other hand, California 401(k)s often have pretty limited investment options, whereas IRAs offer more flexibility. With a Los Angeles IRA, you can switch your investments more easily. You may be able to achieve greater growth, that way. On the other hand, you may want to consider having both an IRA and a 401(k).

Calculating Your Retirement Expenses

Your Los Angeles retirement planning will definitely include anticipating retirement expenses. This is easier said than done, of course. It may help you to discuss your financial situation with a Los Angeles retirement planning specialist, as he or she will have experience calculating anticipated expenses.

For some people, retirement will be less expensive than working life. Certain costs will decrease significantly: your commuting costs and work-related expenses, such as clothing, for example. However, other costs will stay the same, and you will need to include them in your Los Angeles retirement planning. Groceries, housing payments, utilities, car payments and entertainment costs will probably be about the same during your Los Angeles retirement.

Not surprisingly, one thing that some people forget to include in their Los Angeles retirement planning is that some costs will rise. For example, do you plan to travel during your later years? Travel can be quite costly, especially if you're planning to visit places like Africa or Australia. Also, unfortunately, your medical expenses will most likely go up as well during your later years.

If you're young, and you're planning in advance, you can be bold with your ideas. You can start planning your CA dream cottage, or planning fun cruises that depart from the Los Angeles coast. You have plenty of time to save up money for your golden years, so planning can involve a bit of dreaming.

If you hope to retire soon, though, you may want to think more practically about your non-working years. Perhaps, you would prefer to be less extravagant late in life, in order to leave work early. On the other hand, remember that if you keep working (or even continue working part time), you're continuing to add to your savings.

It's best to estimate your expenses generously during your Los Angeles retirement planning. You will probably need more money than you think you need, and if you can add a little breathing room, you'll be a lot happier. It's no fun to have to pinch pennies during your golden years, so you may want to consider working until you can really relax.

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Retirement Planners In Los Angeles

Alan Gelb, CFP
Alan Gelb, CFP
330 N. Brand Blvd.
Suite 1150
Glendale, CA 91203

Zain Griffith
Zain Griffith
9701 Wilshire Blvd
Suite 1000
Beverly Hills, CA 90212

Josh Fatoullah
Josh Fatoullah
2121 Avenue of the Stars
Suite 2350
Los Angeles, CA 90067

Eric Pritz, CFP
Eric Pritz, CFP
2121 Avenue of the Stars
Los Angeles, CA 90067

Paul Taghibagi, CFP
Paul Taghibagi, CFP
2121 Avenue of the Stars
Suite 1600
Los Angeles, CA 90067

Theodore E.  Saade CFP®, AIF®, CMFC
Theodore E. Saade CFP®, AIF®, CMFC
2121 Avenue of the Stars
Suite 1600
Los Angeles, CA 90067

Anthony Masterson
Anthony Masterson
12100 Wilsure Blvd.
8th Floor
Los Angeles, CA 90025

Mark Higginbotham
Mark Higginbotham
21515 Hawthorne Blvd
Suite 200
Torrance, CA 90503

Anthony A. Saccaro, ChFC
Anthony A. Saccaro, ChFC
20335 Ventura Boulevard, Suite 125
Woodland Hills, CA 91364

Mark Higginbotham
Mark Higginbotham
2400 E Katella Ave
Suite 800
Anaheim, CA 92806

Tim W. Geisbauer, MBA, CFP
Tim W. Geisbauer, MBA, CFP
2655 First Street
Suite 250
Simi Valley, CA 93065

Rick Donnelly
Rick Donnelly
17901 Von Karman Ave
Suite 600
Irvine, CA 92614

Ryan Gunn, CFP(r)
Ryan Gunn, CFP(r)
2629 Townsgate Rd., Suite 245
Westlake Village, CA 91361

Simon Reeves
Simon Reeves
30 Enterprise, Suite #190
Aliso Viejo, CA 92656

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