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Retirement

When you are young and just starting a professional life, retirement might be the last thing on your mind. However, if you ask any retired person, or someone entering retirement, what advice they would give you about planning for that day, chances are they’ll say: Start as soon as you can!

Why Retirement Savings Accounts are important

The best way to pursue you have a comfortable retirement is to select a retirement savings account/s that matches your retirement objectives – and start saving as much and as frequently as you can! Without such accounts to help you, or with the wrong type of savings accounts, you’ll likely find it extremely hard to meet your retirement savings goals.

What Heath Wealth Services Can Start for You

As you start planning to save for retirement, you’ll likely have many questions that you need answered:

  • When should I start saving?
  • How much should I save?
  • How much will I need for a “comfortable” retirement?
  • What’s the best vehicle for me to save for my golden years?
  • Which “pot” of retirement savings should I tap into first?

Our Retirement Savings specialists will help address all of your questions. We’ll also help you make informed decisions about which types of savings vehicles are right to manage your particular retirement goals. Not all retirement savings accounts are designed the same. For instance, some have yearly maximum contribution limits, and others have planned distribution criteria associated with them. Violation of those rules can lead to IRS-imposed premature withdrawal penalties.

Our Retirement Savings Account specialists will help you navigate the plethora of saving options available to you, some of which include:

  • Individual Retirement Account (IRA): 

This is the most commonly used savings account available to most Americans saving for their retirement. Where a company-sponsored retirement plan isn’t available, IRAs can be used as a way for tax-deferred savings. Over the period while you work, tax-deductible “contributions”, up to an eligible amount, can be made into the account. You only pay taxes when you withdraw funds in retirement.

  • Roth IRA Account: 

Roth IRAs differ somewhat from traditional IRAs – which allows for tax-deferred growth of retirement savings - in that the money deposited into these accounts is from “after-tax” dollars. Subsequently, when you make withdrawals from your Roth account, you are not taxed. Additionally, your savings within the account also grow tax-free.

  • Simplified Employee Pension (SEP) IRA: 

Some employees may have access to employer-sponsored SEP-IRA accounts. These are similar to traditional IRAs, and may sometimes use Annuities as a retirement savings vehicle.

  • Savings Incentive Match Plan for Employees (SIMPLE) IRA: 

This is yet another retirement saving plan available to working Americans saving for their retirement. SIMPLE-IRA plans mandate an employer-matched contribution and are ideal for smaller businesses (less than 100 employees).

  • Traditional 401(k) or Roth 401(k) plans: 

Like individual and Roth IRAs, employers can offer staff traditional 401(k) plans or Roth 401(k) plans to their employees. In some cases, for instance, where an employer matches 100% of your contribution to these retirement savings accounts, it might make sense to join the plan. However, the funds are invested at the discretion of the fund manager, and you (the employee) might have no say in those decisions. We’ll help you decide whether you should participate or opt-out of these plans.

  • Value-added services: 

We’ll not only help you consider the retirement savings accounts for you, but we’ll customize the options for your particular situation.  If you switch jobs, we’ll also advise you on whether it makes sense to Rollover, Stay, Move, or Cash out from an employer-sponsored retirement savings plan.


This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal or investment advice. If you are seeking investment advice specific to your needs, such advice services must be obtained on your own separate from this educational material. 

Contributions to a traditional IRA may be tax deductible in the contribution year, with current income tax due at withdrawal.  Withdrawals prior to age 59 ½ may result in a 10% IRS penalty tax in addition to current income tax.

The Roth IRA withdrawals from the account may be tax free, as long as they are considered qualified. Limitations and restrictions may apply. Withdrawals prior to age 59 ½ or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax. Future tax laws can change at any time and may impact the benefits of Roth IRAs. Their tax treatment may change.

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620 E. Bloomingdale Avenue
Brandon, Florida
33511 United States

  •  Tel: 813-556-7171
  •  Elijah.Heath@LPL.com

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