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Retirement planning in Western PA can be slightly different from the rest of the country. There are factors such as the cost of living and the average salary that differentiate it 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 saving that money. So, it’s important to start planning for retirement early because the sooner you start saving, the more you save and the more time your money has to grow.
There are a few reasons why investing in retirement planning is a good idea. For example, it can help you avoid running out of money in retirement. It can also help you keep up with inflation and maintain your standard of living in retirement. Finally, having a retirement plan can help give you confidence knowing that you’re prepared for the future.
If you’re behind on your retirement savings, don’t worry. There are a few things you can do to catch up.
For example, 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, ensure you contribute enough to get the full match. This is money that can help 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 will also give you a chance to increase your Social Security benefits.
Downsizing your lifestyle or making other changes to your budget to free up some extra money to put towards retirement is another option that people will choose.
If you are retirement planning in Western PA, you should take a few things into account. For 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 will last longer.
One of the biggest things to consider about retiring in Pennsylvania is the climate. Western Pennsylvania can be a bit harsher in the winter than other parts of the country. This means that you’ll need to factor in the cost of heating your home and keeping it warm during the winter months.
You’ll also want to ensure that you have enough money saved to cover any unexpected expenses, such as a significant home repair.
You can work with our team at Iron Point Financial to create a retirement plan that meets your unique needs. This can prove to be very beneficial if you’ve fallen 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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