It’s never too early to start planning for your retirement. Your retirement planning process should ideally start the moment you earn your first paycheck. It’s important to envision your life after work and to plan accordingly to make it happen. Your current attitude towards financial planning may be focusing on “return on investment,” but your post-retirement attitude may be closer to ensuring “reliability of income.” Mark Sherman CPA provides the best retirement planning in Las Vegas. He curates a long-term, dynamic, and strategic plan to fulfill your current financial aspirations while planning for your retirement.
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Planning Your Financial Future
Retirement planning should start with the question, “how much money will I need to live (and maintain my lifestyle) once I retire?” That might seem like a simple question, but it includes numerous variable factors, such as when you expect to retire, how you want to spend your retirement years, the kind of lifestyle you expect, and your overall goals and aspirations. In addition to those personal factors, you have to add the variables of inflation, changing market conditions, and more.
As you can probably tell, retirement planning is no simple feat. Our financial planning experts understand your specific goals and expectations, assess your current and projected income, and work collectively to curate a long-term and dynamic financial plan for your retirement. No two individuals are alike, and no two individuals have the same aspirations, so we personalize all retirement plans according to your needs. Please contact our certified public accountants in Las Vegas, NV, to initiate your journey towards your ideal retirement.
Wealth Accumulation for Retirement
Retirement planning consists of two essential components — wealth accumulation and maximizing savings. Our financial experts help you develop a realistic budget for your retirement savings, identify suitable retirement accounts, and create a retirement portfolio that perfectly balances risk and rewards. We also examine the tax ramifications of your existing financial products, accounts, and retirement plans to maximize and preserve your savings. We take a holistic and dynamic approach to wealth accumulation to reach your retirement goals.
Retirement FAQs
What types of retirement accounts should I consider?
When planning for retirement, consider a mix of retirement accounts to diversify your savings. Some of the most common options include 401(k) plans, especially if your employer offers matching contributions, and Individual Retirement Accounts (IRAs), including traditional and Roth IRAs. A traditional IRA provides tax-deductible contributions, while a Roth IRA allows tax-free withdrawals during retirement. Depending on your situation, you may also want to explore SEP IRAs, SIMPLE IRAs, or annuities for additional flexibility.
How much should I save for retirement?
The amount you should save depends on your desired lifestyle, anticipated retirement age, and other goals. A common recommendation is to aim for saving 10-15% of your annual income, but this can vary. You must consider factors like life expectancy, inflation, healthcare costs, and future market conditions. A comprehensive retirement plan from a CPA can help estimate the amount you’ll need based on your unique circumstances.
How do taxes affect my retirement savings?
Taxes play a significant role in retirement planning. Contributions to traditional retirement accounts like a 401(k) or IRA are typically tax-deductible, but withdrawals are taxed as ordinary income. Roth accounts, on the other hand, are funded with after-tax dollars, allowing for tax-free withdrawals. Additionally, capital gains taxes may apply to investments. Understanding these tax implications can help you maximize savings and minimize tax burdens.
What should I do if I’m behind on my retirement savings?
If you’re behind on your retirement savings, it’s essential to take action now. Consider increasing your contributions, use catch-up contributions if you’re over 50, and review your expenses to free up more funds for savings. It may also be beneficial to reassess your retirement timeline. Our CPA can help you adjust your strategy and make the most of your remaining working years.
Why You Should Consult a CPA for Retirement Planning
Planning for retirement involves many moving parts, from investment strategies to tax considerations, that can be overwhelming to navigate alone. Consulting a CPA for your retirement planning in Las Vegas ensures you have a knowledgeable partner to guide you through these complexities. A CPA can help create a tailored retirement strategy that balances your current financial needs with long-term goals, optimizes tax savings, and adapts to changes in your life or the economy. With expert advice, you can feel confident that your retirement plan is built for stability and success.
