The latest studies show that only 10% of working professionals will retire with defined benefits plans. These plans used to be standard within the private sector, but the evolving corporate environment now means that employer-sponsored financial comfort zones are in the past. This means that retirees must begin planning for a successful future in retirement utilizing primary savings tools such as 401(K) products and IRA rollovers. Working with a trusted specialist such as Michigan Retirement Group is a great way to begin the analysis process!
Firstly, let’s review the basics to help outline the available options:
What is a 401(K)?
A 401(K) is a tax-qualified defined contribution pension account through which an employer makes contributions to an employee’s pension plan. It’s a tool that makes saving for the future far easier for a broad range of individuals working within private institutions. One of the leading benefits of this type of solution is that it enables employees to build their savings without personally making deposits from their own income. And, because a 401(K) is a tax deferred product, employees only pay taxes on the amount when they withdraw, post-retirement. This allows for effective wealth accumulation for those with consistent incomes.
What are IRA Rollovers?
An IRA Rollover is the process is moving an employment-based retirement plan into an IRA (Individual Retirement Account). One of the benefits of this process is that it enables individuals to keep their retirement resources tax-deferred. It’s also a vehicle that enables them more flexibility in making proactive choices for their personal financial future. Alongside a proven investment specialist, they can analyze their financial options and choose suitable strategies to ensure optimal growth.
Here’s Where Michigan Retirement Group Come in…
Michigan Retirement Group will help ensure clients are making the optimal choice for their future financial objectives. The company offers the following:
Educational Seminars on Retirement Options
The company’s educational seminars include detailed information on how to capitalize on the inherent benefits of both 401(K) contributions and IRA Rollovers.
Actionable Advice from Experienced Specialists
Michigan Retirement Group provides individuals with financial advice based on the personal resources. The company employs tax experts who can advise on how to ensure the best available solutions for optimal growth.
Consistent Communication
The company’s specialists are always available for client consultations when circumstances change. They maintain an updated knowledge of the marketplace and can refine plans on a consolidated timeframe to meet evolving retirement objectives.
To review your available retirement options and begin saving for a prosperous future, contact our in-house retirement experts today. Education-based services are now available for every proactive individual.