11075 South State Street
Heritage Solutions GroupAt Heritage Solutions Group, caring for our clients is a family affair. We pride ourselves on being a multi-generational family of professionals. Our team includes financial professionals, each with 18 years or more in the financial services industry. We specialize in retirement planning, estate planning, and 401(k) planning in and around Sandy, Utah. The client-centered process we use ensures our clients are served in a manner that suits their individual financial needs. We advocate for your unique values. Let us help you take your retirement planning goals to the next level and beyond.
Retirement PlanningWhat is Retirement Planning? Retirement planning is a long-term process that includes determining goals for income during retirement and deciding on what actions are necessary to take to achieve them. Retirement planning generally encompasses identifying types and sources of income, putting a realistic savings program into place, preserving assets, and managing risk. Retirement planning is essential because your quality of life in retirement depends on how well you plan for it. It is never too early or too late to begin planning for retirement. The best time to start is right now.
Planning for Retirement BasicsSome retirement basics include saving, getting to know your individual retirement needs, contributing to your employer-sponsored retirement plan, learning about other plans your employer might offer, applying basic investment principles to planning for retirement, and putting money into an individual retirement account. While all of this is valuable knowledge, it can feel a bit overwhelming receiving this information all at once. The best resource you have for planning for retirement is a retirement planner. A retirement planner is someone who will help you navigate the many kinds of retirement plans that there are and help you decide which ones will work best for you and your retirement planning goals.
Types of Retirement Plans401(k) – A 401(k) is generally an employer-sponsored retirement account. Some employers match a percentage of employee contributions. Not all employers offer 401(k) plans.403 (b) – Some nonprofit or tax-exempt organization members qualify for these kinds of retirement plans. Distributions are considered taxable income.IRA – Individual Retirement Accounts are for people who have an earned income. There are various types of individual retirement accounts or IRAs.Roth IRA – Contributions to a Roth IRA are taxed. Money grows tax-free. No income taxes are due upon withdrawal. Roth IRAs do not require distributions upon retirement.Traditional IRA – Pre-tax contributions can be made. Investment grows tax-deferred. Taxes are due upon withdrawal.While these are some of the most common types of retirement plans, this is not a complete list of those favailable. There are many ways we can help you in planning for retirement. It is critical to meet with your retirement planner to discuss your situation and discover what types of retirement plans will work best for you.
Retirement PlannerWho is a retirement planner? A retirement planner is a financial professional who is qualified to assist in the retirement planning process. A retirement planner will meet with you, complete an evaluation of your retirement planning needs, gather information, and create a comprehensive plan for retirement that meets your needs. In the retirement planning process, your retirement planner will monitor your retirement plan and ensure that it is working for you. Adjustments will be made as needed when your life changes and grows. You need a retirement planner to avoid making mistakes that will be detrimental to your well-being and quality of life in retirement. Retirement planners are trained financial professionals who have many years of experience helping individuals like you achieve their retirement planning goals.
Key TakeawaysThe most crucial point to remember is that you do not have to navigate the retirement planning process alone. There is a wealth of information available in the technologically advanced world we live in today. In fact, some might say there is too much information available. Many people find themselves overstimulated and overwhelmed. When this happens, many people put off planning for retirement. However, inaction is a choice. Meet with a retirement planner at Heritage Solutions Group today to take control of your retirement plan.