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Suffolk Retirement Planning

When it comes to Suffolk retirement planning, people often aren't sure what they're doing. There are a lot of facets to consider when planning for your VA retirement, and figuring out all the little nuances can be a daunting thing. The first thing you need to do is to understand all the different terms involved. Once you have a good idea of this concept, Suffolk retirement planning will not be as scary of a proposition as it seems now.

Employer Based Accounts

There are many different types of accounts that can be used for your Suffolk retirement planning. Most of us have heard of these, and you probably have at least a rudimentary understanding of several of them. However, before you can begin your own personal VA retirement planning, you really need to understand all of the options that are open to you. This will help you decide which one (or combination of account types) is the best for you.

Of course, the most commonly discussed Suffolk retirement planning account type is a 401k. This is an account that is set up by a Suffolk employer for the benefit and use of their employee. There are of course subtle nuances to this option, but if you have a 401k available to you through your work, utilize it. Typically Suffolk employers cover all of the costs associated with opening and maintaining a 401k Virginia retirement planning account while you are under their employ. Some VA employers even invest matching dollar amounts for their employees. Basically, this is a free way to get started, so take advantage of it today.

Pension accounts used to be as prevalent as 401k's. There are still some around, and if your Suffolk employer offers this option, you are a fool if you are not enrolled. A pension is a Suffolk retirement planning account much like a 401k. Your Virginia employer sets it up, pays the fees, and maintains it for you so long as you are still employed with the company. The difference between a pension and a 401k is that with a 401k, the investments are made by you (and sometimes supplemented by your employer). With a pension plan, your employer invests funds for you (and sometimes you can supplement). As you can see, this is an ideal option, as it is basically free money from your Suffolk employer for your future.

Private Accounts

Aside from Virginia retirement planning that can be obtained through and managed by your Suffolk employer, there are plenty of options for you to invest and prepare to retire on your own. The most common individual account is called an IRA (ironically enough, IRA stands for 'Individual Retirement Account'). This is an account that you will open by yourself through an investment adviser, for the sole purpose of preparing to retire. There are a few different types of IRA's, but it is not really important to fully understand these at this time. The reason for this is because in order to open an IRA, you will need to consult with a professional adviser. This adviser will not only know which IRA account you qualify for, but also will be able to explain the reasoning behind this far better, and even cater that reasoning to your specific circumstance.

Generally, however there are a few things the adviser will want to know when determining what type of IRA is best suited for you, and which you are eligible for. Because IRA accounts receive tax breaks, there are several Federal Laws they are subject to. These planning advisers know the ins and outs of the laws involved, so they will be best suited to make this retirement decision with you. Some of the regulations involve annual household income, or are based on your other investments and accounts.

That is correct; an IRA account can be opened to complement your existing Suffolk retirement planning. So the fact that you may already have a pension plan or a 401k account does not eliminate the availability of other options. As a matter of fact, the more types or Suffolk planning accounts you have, the better. So, your financial adviser will sit down with you, go over what you currently have and weigh your options with you.

There are of course other Suffolk retirement planning options that are available. An annuity is an account that is based on an insurance payout. This can be managed to allow the owner to receive periodic payments, much like a Suffolk retirement planning account. Of course, you have to be rewarded this insurance payout to utilize this option, but if invested correctly, even the smallest insurance settlement can become a really great Suffolk retirement planning option, so be smart.

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Retirement Planners In Suffolk

Emily Robbins
Emily Robbins
2901 S. Lynnhaven Rd
Suite 230
Virginia Beach, VA 23452

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