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Times Indicator – Effective Use of Your Retirement Plan or IRA

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You’ve worked long and hard for years, saving diligently through your employer-sponsored retirement savings plan. Now, with retirement on the horizon, it’s time to begin thinking about how to tap your plan assets for income.

First, evaluate your needs. Estimate your non-negotiable basic needs for things like housing, food and medical care. This is how much you’ll need just to get by. Then, estimate your income needs for things like travel, leisure and entertainment to determine how much income you’ll need for your desired lifestyle. You can adjust the lifestyle items, if necessary, but conventional guidance says you’ll need at least 70 percent of your pre-retirement income in retirement.

Second, assess your predictable income. Determine how much you can expect from Social Security and traditional pensions. If your predictable income will be enough to cover your basic needs, you may be in a position to use your retirement savings to fund your lifestyle.

On the other hand, if your basic needs exceed your predictable income, think carefully about how you tap into your retirement savings.

For example, if you have both tax-deferred and tax-free (Roth) accounts, you might consider utilizing tax-deferred accounts first to maximize the tax-free growth potential of your Roth.

Third, understand your plan options. Upon leaving your employer, you typically have four options. Plans may allow you to leave the money alone or may require that you begin taking distributions upon reaching the plan’s normal retirement age. You may choose to withdraw the money as a lump sum or receive equal payments for life. You may roll the money into an IRA. Or, if you continue to work during retirement, you may be able to roll the money into your new employer’s plan. Be sure to compare fees and expenses for each option before making a decision!

Determining the appropriate way to tap your assets can be extremely challenging and should take into account a number of factors, including income taxes, other income-producing assets, your overall health, and your estate plan.

The good news is you don’t have to do it alone. Speak with an accountant, attorney or financial advisor today to learn more about your options.

*Click anywhere in the article to download the PDF*

CPA's & Business Advisors

H&S Winter Newsletter

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Hey Business Owners, this one’s for you!

This issue is geared towards the business owner, but it certainly applies to all! Learn about tax considerations when selling your business, retirement issues when leaving the career world behind, and our friends at Rua & Associates tell us about the ‘Sellability Score,’ and how to position your business for an ownership transition.

 

Click to Download

Click to Download

 

H&S Winter Newsletter

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Hey Business Owners, this one’s for you!
This issue is geared towards the business owner, but it certainly applies to all! Learn about tax considerations when selling your business, retirement issues when leaving the career world behind, and our friends at Rua & Associates tell us about the ‘Sellability Score,’ and how to position your business for an ownership transition.
 

Click to Download

Click to Download


 

CPA's & Business Advisors

December 16th Seminar!

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H&S Companies is hosting a Seminar next week – Hurry and sign up now!
Check it out for topics such as: 401k rollovers, How to Maximize Your Social Security benefits, How to live a confident retirement, and more! See the flier below for more information.
RSVP to Stephanie Anderson at 616.456.6550 to reserve a seat.

 

Click to Download

Click to Download

 

CPA's & Business Advisors

H&S Fall Newsletter

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In this Issue:

Learn about the Workforce Opportunity Wage Act and how it will affect hourly employees. How to provide proof of Sales Tax Payment & avoid Use Tax Assesments. Also, hear from our IT department on Mobile Device Management – this is becoming a hot topic for companies! And more!

 

Click to Download

Click to Download

 

H&S Fall Newsletter

/in /by

In this Issue:
Learn about the Workforce Opportunity Wage Act and how it will affect hourly employees. How to provide proof of Sales Tax Payment & avoid Use Tax Assesments. Also, hear from our IT department on Mobile Device Management – this is becoming a hot topic for companies! And more!
 

Click to Download

Click to Download


 

CPA's & Business Advisors

Ready to Retire?

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H&S Companies, together with HS&C Wealth Management, as well as Parmenter O’Toole, will be presenting on important retirement issues. We’ll be talking about how to retire with confidence, how to properly use your income in retirement, and how to plan your legacy. We’ve brought together 3 financial professionals to answer your questions about retirement, taxes, estate planning and more! RSVP information is below – hurry, it’s next week Tuesday at the Frederik Meijer Gardens in Grand Rapids! Download the invitation below for more details…

Click to Download

Click to Download

 

 

 

 

 

 

 

 

 

Kindly RSVP to Stephanie Anderson, Email or 616.456.6550

Retirement Plan Dollar Limits to Increase in 2013

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retirement, nest egg

Retirement savings dollar limits are increasing in 2013

In 2013, the IRS is increasing dollar limits for many types of retirement savings accounts due to increase in the cost-of-living. Below is a list of the retirement savings programs that will have an increase and their new 2013 maximum dollar limit:

  • Defined Benefit Plans: $205,000 annual benefit
  • Defined Contribution Plans: $51,000 annual addition
  • Annual Compensation Limit: $255,000
  • Elective Deferrals: $17,500 annual exclusion
  • Deferred Compensation Plans: $17,500 (applies to nonprofits and state and local governments)
  • ESOP Five-Year Distribution Period: $1,035,000 in 2013; $205,000 will be the dollar amount used to determine the lengthening of the distribution period in 2013
  • Government Plans: $380,000 annual compensation limit
  • SIMPLE Accounts: $12,000 annual salary deferral

For more information on 2013 changes and how they will affect your tax plan, contact H&S Companies today.

CPA's & Business Advisors
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