Tax Qualified Retirement Plans

I have a retirement plan. Why would I change? 

First of all, kudos for you for committing to participate in a plan. Change, you may not need to. But things do change. Your business or personal situation may have changed. New plans and nuances may be available that weren’t around when you began your plan. Your income may have changed and another plan may allow you greater contribution limits. And tax laws change, giving us a new rule-and-play book every year. If a few years have passed since you established your plan, it may be time to determine whether a better one is available. I’m pretty young. I have lots of time. Besides, I have other family priorities right now and really can’t afford to put anything aside. The younger you start, the better! A regular contribution of only $100 a month will create a meaningful base for retirement. Even when family demands on income are highest, most people can make a minute lifestyle adjustment to fund their future security. 

I just can’t afford to put money aside for retirement. 

Today we have more consumer goods available to us than our parents even imagined. Through the influences of advertising and a consumer culture, it is easy to misinterpret wants as needs. By placing controls on your discretionary spending, you would be surprised at what you really can afford. Set a budget. It works. I am still stuck paying off my college debt. I will never be able to save any money. If you read the last two answers to questions, you have my answer already. Cut other unnecessary expenses, live frugally, and put a small amount aside on a monthly basis. I am not sure I’ll ever be able to retire. How can you help someone like me? For you who think you will have to “die at your desk,” it’s not too late! Many people start saving for retirement later in their careers, and with the right kind of plan, can actually catch up. There’s even a bonus possible with bigger tax benefits. Work certainly helps us feel useful, but plan in such a way that working is a choice, not a trap. I am afraid I will outlive my nest egg. 

How much should I set aside to retire comfortably? 

The answer is different for everyone. Although conventional thinking has led us to believe our expenses will be lower after retirement, the truth is that few people lower their lifestyle standards. IN fact, the active retirement years can be quite expensive for those who travel and eat out more often, not to mention increased health care costs. Your tax rate will probably not be much different than it is now. 

So how much will you need?

Use the retirement income calculator we have provided on our website to determine what’s right for you.

The Callaway Approach Prosperity means different things to different people. For some, it means the accumulation of material comforts and amenities. For others, it means simply not having to depend upon someone else for their well-being. For most of us, it means making work an option, not a necessity, at some point in our lives. You probably have a mental picture of what you want your retirement to look like. Perhaps it includes fishing, returning to school, starting a business, building your dream home, writing a book, or extended travel to places you have always wanted to see. That is great. But the reality is, you will need money to realize the dream. And your chances of winning the lottery are next to none. It is possible to realize your dreams through a regular retirement investment program. One of these many plans detailed below can be designed to create the financial security you need to live out your dreams.

  • Traditional IRA
  • Roth IRA
  • SEP – IRA
  • 403 (b)
  • Profit Sharing Plan
  • Money Purchase Pension Plan
  • 401(k) Profit Sharing Plan
  • ESOP
  • Defined Benefit Pension Plan

How do we know which plan is right for you? In a word – experience. We have designed plans for thousands of people and businesses. It has been a pleasure watching our clients succeed at this wonderful stage of life. At Callaway Financial Services, Inc. preparing people for a secure and comfortable retirement is our mission. Having been in business since 1981, we are now coming full circle with many clients, clients we helped accumulate and invest, and who now are receiving monthly checks for their retirement. It is a fulfilling part of our work. Contact us today to discuss your retirement goals.

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