Retirement is a milestone in life that we all look forward to.  Financially Good wants to ensure that you will be in a good financial positions when you reach that stage in your life.  It is never to soon to start planning your retirement savings strategy, so let Financially Good assist you with you retirement planning needs.

Retirement Planning

It is never too early to plan for your retirement. Anyone with a consistent source of income should start retirement planning. The earlier you start your retirement planning, the better your retirement life will be!

Roth IRA

A Roth IRA (Individual Retirement Account) is a retirement savings account that is not taxed by the Federal Government. Although there is no tax benefit to contributing fund to a Roth IRA now, no taxes will be deducted when withdrawals are made at time of retirement, making the Roth IRA the best choice for retirement savings for most individuals. You can currently deposit up to $5000 per year in a Roth IRA.

Traditional IRA

Traditional IRA's (Individual Retirement Account) allow for tax deductions during the tax year that you have contributed to your Traditional IRA. With deductions being taken year ater year, when withdrawals are made during retirement, taxes will have to be paid on those withdrawls. A Roth IRA is the recommended Individual Retirement Account, but Traditional IRA is recommened for individuals with an adjusted income over $95,000.

401k & 403b Retirement Savings Plans

Employers enable employees to save for retirement by setting up 401k or 403b retirement accounts for their employees. Any contributions are pre-tax dollars, which will help to reduce your income tax liability. Some employers will also contribute or match a percentage towards their employees accounts increasing the retirement savings. Inquire with your employer as to if a 401k exists in your organization. If your organization would like to start a 401k plan, Financially Good would be glad to assist in setting up a 401k or a 403b plan.