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Retirement Planning Services

At Wiora Retirement Strategies, we specialize in many aspects of retirement services. Retirement planning involves evaluating your current financial situation and creating a strategy designed to help you achieve your desired retirement lifestyle. Because your retirement years can span decades, retirement planning can dominate other financial goals you may have. A successful plan put into place during your wealth-building years should address ways to maximize growth. Closer to retirement, you may find that income distributions and leaving a legacy become more important. Tax and insurance needs also change depending on your life stage.

The ins and outs of investing and providing an ongoing source of income during retirement are becoming more and more complicated. No longer can a person depend on a “living wage” pension from their employer. Nor can most lifestyles be maintained on social security alone. In addition, retirement can last for 20, 30, or more years. Living a “Wonderful Life” retirement may require you to save additional dollars.

There are several ways to save for retirement:

  • Qualified employer-sponsored plans
  • Individual Retirement Accounts (IRAs)
  • Personal savings
  • Executive deferral plans

Qualified plans are employer-sponsored retirement plans such as 401(k)s and pension plans. While there are contribution limits and strict distribution rules, these plans are popular because of their tax benefits. Generally, employers will make participation even more attractive by matching all or a portion of an employee’s contribution. If you are an employer, it’s important that you choose the optimum plan to benefit the key people in your company. Or if you are an employee, you may want to integrate your 401(k) with your other investments for a more efficient overall portfolio.

IRAs are inexpensive, easy to establish and maintain, and also offer favorable tax incentives. They can be created by an individual or provided by an employer. Most people use IRAs to consolidate retirement savings that were previously held in employer-sponsored plans.

You may find that qualified plans, IRAs, and social security won’t provide enough money to support your desired retirement lifestyle. By identifying your retirement gap, you can develop a strategy for personal savings invested outside of the traditional retirement vehicle.

Business owners or executives may have access to other tax-advantaged retirement savings vehicles. Nonqualified executive compensation is a generic term used to describe a compensation arrangement that provides retirement income—and, in some cases, death benefits—to key employees of a business.

At the heart of any retirement plan is the distribution of accumulated assets. The correct distribution method attempts to ensure that your retirement savings last beyond your lifetime with minimum shrinkage from taxes. From premature distribution options that allow access to retirement assets prior to age 59 1/2, to products intended to provide stable monthly payments for retirement, distribution planning is paramount to a successful retirement plan.