Financial Services

As you come closer to your retirement age, it’s important to be prepared. And there are all sorts of ways you can do this. Investments and retirement accounts allow you to procure your future financial freedom, and these can come in the form of 401ks, IRAs, and annuities. You get to decide how the funds are built and how they’re paid back to you.

Why Should I Secure Help with My Retirement?

While you can put away a certain amount of money into an investment and wish for the best; ask yourself, is this a prudent investment strategy? Strategizing based on individual goals gives you the best possibility of reaching predetermined objectives for a successful retirement. This can be done with professional help by those experienced in asking the right questions to help you achieve what is possible for you and your retirement goals. 

Majority of insurance related products like annuities do not require you to pay an advisor’s fee upfront or at any time. When you apply and are approved for a policy the company will pay the insurance representative a fee for their service, and you’re off the hook. So, when you receive professional advice and set up a personal game plan on how to achieve your goals it becomes an upfront win for those who wish to minimize fees related to their retirement accounts.

What Are My Options?

The most common types of retirement plans include:

  • 401k
  • IRA
  • Annuities

401k policies are employer sponsored. With these, you can contribute up to $19,500 per year if you’re under 50 years old, and $26,000 per year if you are 50 or older. Most 401k contributions reduce income taxes. However, withdrawn funds from a 401k account are subject to taxes. There are several downsides to keeping your retirement money in a 401(k) or 403(b) plan.

Communication and Service – HR personnel who administer the 401(k) and 403(b) plans are not licensed or trained to help customize a retirement plan that will meet your individual needs. They can tell you what products are offered but it is up to you to put a game plan in place.

Limited Product Offering – Most administered plans are limited on their product offerings so what you have available will be determined by the employer you work for. The larger the employer does not mean you will have a grander selection of products. Of course, even if you have a warehouse of products offered but do not know how to use them as a financial vehicle for growth and minimizing risk, they become worthless to the average investor.

Employer Merges or Goes Out of Business – Keeping the same employer over a 30 – 40-year career is no longer the norm. It is rare today to find an employer who is totally committed to their employees and their future retirement. If you switch jobs and are no longer in contact with your former employer, and your former employer merges with another company or goes out of business, your 401k can be frozen. The potential for thousands of dollars you’ve worked to save would be unavailable to you is not only a real possibility, but it does happen. The inconvenience and hassle to locate the right individuals to speak with to open the access to your retirement account is unimaginable.

Advantages to an IRA Rollover – An IRA or IRA Rollover on the other hand, grants you more control over your retirement funds.  You have a broader selection of investment vehicles offered with an immediate option to turn a portion or all your retirement account into a guaranteed income stream.

The Roth IRA is the most popular type of individual retirement account where you contribute with your after-tax income. When participating in a Roth IRA all your withdrawals become tax-free. It is common for individuals to rollover their 401k policies in favor of IRAs.

Annuities can be used as an IRA Rollover alternative for growth while eliminating downside market risk. The funds can be annuitized immediately or delayed providing for a guaranteed monthly income disbursed before or after your retirement. The funds accumulate tax-deferred, but they lose that status upon withdrawal unless they are coming from a Roth IRA.


Give Us A Call Today

Finding disposal income to live on or to be used for investments can be difficult. The easiest way to find money is to look at ways of restructuring and eliminating debt. Debt is one of the most dreaded aspects of life, because it not only creates stress, but the deeper you go, the harder it is to get your head above water.

We have extensive knowledge in this area at Iowa Medicare Group and would extend our hand to anyone to help guide them on the right path to a debt free life. Get in contact with us today. Call Larry Klein at 515-664-7078.