Retirement Savings Accounts


If you ask any retired person, or someone entering retirement, what advice they would give you about planning for that day, chances are they’ll say: “Start as soon as you can!”

One of the most important elements of a Retirement Plan is the actual savings plans or types of accounts used to accumulate assets under some level of preferential tax treatment.


As you start planning to save for retirement, you should consider the following:

  • When should I start saving?
  • How much should I save?
  • How much will I need for a “comfortable” retirement?
  • What’s the best vehicle for me to save for retirement?
  • Which “pot” of retirement savings should I tap into first?

Once we have discussed the Retirement Plans and investment savings accounts that are currently available to you, we will help you make informed decisions about which types of savings vehicles are right to meet your particular retirement goals. Not all plans and accounts are designed the same. For instance, some have annual contribution limits and others have planned distribution criteria associated with them. Violations of the governing rules for each type of plan or account can lead to costly IRS imposed penalties. Allow us to assist you in navigating the appropriate savings plans and accounts for your consideration.

  • Individual Retirement Account (IRA): This is the most commonly used account individuals use to start saving for their retirement. When a company-sponsored retirement plan isn’t available, IRAs can be used as a way for tax-deferred savings. While employed, tax-deductible “contributions” can be made into the account up to an eligible amount.  You only pay taxes when you withdraw funds in retirement.
  • Roth IRA Account (ROTH): Roth IRAs differ somewhat from traditional IRAs. Under both IRA options, the growth and income accumulate without being taxed. However, contributions into ROTH accounts are from “after-tax” dollars and withdrawals are not taxed.
  • Simplified Employee Pension (SEP) IRA: Some employees may have access to employer-sponsored SEP-IRA accounts. These are similar to traditional IRAs, but with higher contribution limits. These plans are implemented and contributions on your behalf are funded at the discretion of the sponsoring employer.
  • Savings Incentive Match Plan for Employees (SIMPLE) IRA: This is another discretionary employer sponsored retirement saving plan.  SIMPLE-IRA plans allow employees to contribute pre-tax earnings into the plan and include an employer-matched contribution. These plans are ideal for smaller businesses.
  • Traditional 401(k) or Roth 401(k) plans: Like Individual and Roth IRAs, employers can offer Traditional 401(k) plans or Roth 401(k) plans to their employees. There are formulas that employers follow to contribute money as a match to your employee contributions. Primarily, you will be responsible for managing the assets by selecting an allocation of investment options available in the plan. However, sometimes the funds are invested at the discretion of a Plan Trustee and you might have no say in those decisions. We’ll help you decide whether you should participate or opt out of these plans and provide assistance in the selection of the plan investments.
  • Individual 401(k) Plans: The I-401k is a retirement plan designed for self-employed individuals and their spouses and owner-only businesses (including corporations, partnerships, and sole proprietorships).With an Individual 401(k), self-employed business owners have the opportunity to maximize annual contributions with a combination of  profit sharing and salary deferral contributions.
  • Pension & Retirement Plan Rollovers: Once you reach retirement or make career changes, we’ll advise you on the best path forward with the assets in your employer-sponsored plans.