Retirement Planning

Regardless if you are early in your career, actively contemplating retirement or already retired, you need a retirement plan you can count on. It is never too early to start and far too important to "fly by the seat of your pants" and hope it all works out.

Please ask yourself: "Do I know what it will take to manage my money and have it last as long as I need it to?" And if you want to create a legacy: "What do I want my legacy to be and how will I be able to ensure that it can be provided?"

SOUND Wealth Management Group will build a prerequisite financial plan for you that will integrate all your assets and desires, and provide you with a clear plan to help reach your goals. We will work with you to help provide a retirement of independence, freedom, and the ability to do the things that matter most to you.

Plans for Individuals

In planning for retirement, a "qualified account" offers one of the best ways to invest on a tax-deferred or tax-free basis. The most common non-employer/employee qualified account is an Individual Retirement Account (IRA) – either traditional or Roth. Through a Raymond James self-directed IRA, you have a wide range of investment options across traditional and alternative asset classes.

Other qualified accounts may include SIMPLE IRAs, 401(k)s and 457 (state and federal plans) pensions. SOUND Wealth Management Group can show you how to optimize these accounts as part of your overall financial plan.

Withdrawals from qualified accounts may be subject to income taxes, and prior to age 59 1/2 a 10% federal penalty tax may apply. Unless certain criteria are met, Roth IRA owners must be 59 1/2 or older and have held the IRA for five years before tax-free withdrawals are permitted.

Account Distribution Decisions

One of the most critical sets of decisions regarding your company sponsored qualified account is whether to take regular distributions, roll it into another qualified account, or leave it in an existing plan. Sometimes these decisions are solely at your discretion or are forced upon you by your employer. We have the tools to objectively evaluate and compare your choices and enable you to make the most informed decision.

Lump Sum / Pension Buyouts

Changing jobs, retiring, or time-based offers – such as a lump sum buyout – may force a decision or, at minimum, remove decision constraints that may have formerly existed.

There may also be opportunities to create an in-service rollover/distribution, because it is in your best interest while still in your current job.

If you have a distribution opportunity from a company retirement plan, there are many important decision elements to consider. SOUND Wealth Management Group will work with you to determine the best method to help preserve and grow your retirement funds in order to provide the income stream you will need for your future.

Required Minimum Distributions (RMD)

The required minimum distribution is the amount the federal government requires you to withdraw each year – usually after you reach age 70 1/2 – from qualified retirement accounts. These accounts include traditional IRAs, simplified employee pension (SEP) IRAs and SIMPLE IRAs, as well as many employer-sponsored retirement plans.

The RMD amount changes each year based on your age and the IRS RMD charts. Withdrawing less than the required minimum will result in an IRS penalty of 50% of the money not withdrawn.

SOUND Wealth Management Group can ensure you understand your withdrawal requirements across all accounts, how to take these withdrawals, and how best to utilize these funds all while making your required tax payments.

Retirement Planning Key Numbers

For a summary of 2016/2017 plan type contribution limits, please click here.