Let's talk money.

Best Retirement Planning

When choosing the best retirement plan, it is important to review all of your options and educate yourself on factors that will impact your retirement plan. When determining the best retirement plan you need to consider the pros and cons of each option and see which retirement plan is best for you. It is also important to note the earlier you start planning, the better off you will be in the long run. 

We recommend putting your money in a tax-favored retirement account. All of the best retirement plans involve long-term planning and knowledge of contribution limits. Retirement accounts have different benefits, be sure to consult with an advisor to discuss in full detail the pros and cons of these plan options. Here are some examples of tax-favored retirement accounts. 

Types of work sponsored retirement plans:

  • 401k plan
  • 403b
  • 457b

Individual Retirement Accounts (IRA):

  • Traditional IRA
  • Roth IRA

There is no exact number when it comes to determining how much money you need to save for retirement. But the best retirement plans strategize for factors such as travel, other income, and lifestyle when estimating how much money you’ll need. Most experts will say your retirement income should be about 80% of your final pre-retirement salary. For example, if you make $100,000 annually at retirement, you need at least $80,000 per year to have a comfortable lifestyle after leaving the workforce. Consider meeting with an advisor to discuss the best retirement plan for you and your lifestyle.

To learn more about retirement planning, check out InvestEd’s ultimate guide to retirement planning here.