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At Fleming Financial Services, Inc., our role is to assist our clients in defining and realizing their financial objectives and goals. We work with our clients to implement personalized plans designed for their unique situations. Our areas of concentration are: Retirement planning, Estate and Wealth Transfer strategies, and Business Continuation planning. We emphasize the importance of conducting our business with integrity and professionalism. As a member of PartnersFinancial, an independent national financial services company, we are able to provide access to sophisticated resources for the benefit of our clients. Some of the professionals with our firm are currently registered to conduct business through NFP Securities, Inc. With those additional resources in place, we help facilitate the complex corporate and personal financial decisions our clients must make.
Five Keys to Investing For Retirement - Key #4 Integrate retirement with your other financial goals
Fleming Financial Group, PA, Key for RetirementIntegrate retirement with your other financial goals Make sure you have an emergency fund; it can help you avoid needing to tap your retirement savings before you had planned to.  Generally, if you withdraw money from your retirement plan before you turn 59½, you'll owe not only the amount of federal and state income tax on that money, but also a 10% federal penalty (and possibly a state penalty as well).  There are exceptions to the penalty for premature distributions from a 401(k) (for example, having a qualifying disability or withdrawing money after leaving your employer after you turn 55). However, having a separate emergency fund can help you avoid an early distribution and allow your retirement money to stay invested. If you have outstanding debt, you'll need to weigh the benefits of saving for retirement versus paying off that debt as soon as possible.  If the interest rate you're paying is high, you might benefit from paying off at least part of your debt first.  If you're contemplating borrowing from or making a withdrawal from your workplace savings account, make sure you investigate using other financing options first, such as loans from banks, credit unions, friends, or family.  If  your employer matches your contributions, don't forget to factor into your calculations the loss of that matching money if you choose to focus on paying off debt.  You'll be giving up what is essentially free money if you don't at least contribute enough to get the employer match. ©2013 Broadridge Investor Communication Solutions, Inc. All rights reserved.