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Retirement planning in Western PA can be slightly different from the rest of the country. There are several factors, including the cost of living and the average salary, that differentiate Western PA from other parts of the United States. We go into detail about this more below.
Retirement planning is the process of figuring out how much money you’ll need to retire and then carefully and strategically saving that money. So, it’s important to start planning for retirement early because the sooner you start saving, the more you can save, and the more time your money has to grow.
We believe there are a few important big-picture reasons investing in retirement planning could be a good idea for you:
If you’re currently behind on your retirement savings, don’t worry. Here are a few ideas for how you might catch up on your retirement planning goals.
You could start contributing more to your retirement account or look into ways to make your money grow faster. One way you could do this is by investing in a Roth IRA.
With a Roth IRA, you contribute after-tax dollars to your account. This means that you won’t get a tax deduction for your contributions. However, your money will grow tax-free, and you won’t have to pay taxes on it when you withdraw it in retirement.
Another option is to start saving in a 401(k) or 403(b). These are employer-sponsored retirement plans. If your employer offers matching contributions, we would suggest it could be a good idea to contribute enough for the full match. The full match could be the difference in helping you reach your retirement goals.
You could also consider working a few extra years, which could give you more time to save for retirement, and would also give you a chance to increase your Social Security benefits.
As a final suggestion, you might consider downsizing your lifestyle or making other changes to your budget to free up some extra money that could go toward your retirement savings.
If you are retirement planning in Western PA, we believe you would do well to take a few important local factors into account. As a basic example, the cost of living in Northwestern Pennsylvania is lower than the national average: this means that the money you save for property tax in retirement could last longer.
Beyond property taxes, one of the biggest things to consider about retiring in Pennsylvania could be the climate. Western Pennsylvania can be a bit harsher in the winter than other parts of the country. This means that you might need to factor in the cost of heating your home and keeping it warm during the winter months.
You will also likely need to have enough money set aside to cover any unexpected expenses, like a significant home repair or even a full renovation, depending on your goals and circumstances.
If you are feeling swamped with all of these options and would like some help with your retirement planning, you can reach out to our team to create a retirement plan that meets your unique needs. That kind of a plan could prove to be very beneficial, especially if you are currently behind on your retirement savings. So what’s the next step?
The views stated are not necessarily the opinion of Cetera and should not be construed directly or indirectly as an offer to buy or sell any securities mentioned herein. Due to volatility within the markets mentioned, opinions are subject to change without notice. Information is based on sources believed to be reliable; however, their accuracy or completeness cannot be guaranteed. Past performance does not guarantee future results.
In this call (or in-person meeting) we listen to you & assess your goals. We will begin to take you through our Investment Roadmap Tool® to determine how to get from where you are now to where you want to be.
From this call, if we find that we are a good fit for one another, we will develop & execute a plan that has been custom built for you to work towards your investment goals.
We will meet with you each year to review and adjust your plan so you can face your future with confidence. Being confident in your progress gives you the freedom to invest your life in what matters most.
Some IRA’s have contribution limitations and tax consequences for early withdrawals. For Complete details, consult your tax advisor or attorney.
Distributions from traditional IRA’s and employer sponsored retirement plans are taxed as ordinary income and, if taken prior to reaching age 59 1/2, may be subject to an additional 10% IRS tax penalty.
A Roth IRA offers tax free withdrawals on taxable contributions.
To qualify for the tax-free and penalty-free withdrawal or earnings, a Roth IRA must be in place for at least five tax years, and the distribution must take place after age 59 1/2 or due to death, disability, or a first time home purchase (up to a $10,000 lifetime maximum). Depending on state law, Roth IRA distributions may be subject to state taxes.
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Neither Cetera Advisor Networks nor its representatives offer tax or legal advice. Please consult your tax advisor or attorney for guidance. While the process of diversifying your assets across multiple asset classes can help to reduce overall risk, it does not eliminate market risk altogether.
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