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Gelinas Financial Group, Inc.

LISTEN, UNDERSTAND, RESEARCH, HELP. Money management has a new reality. Financial-planning efforts must consider “the whole client.” We offer a multi layer approach that starts with education. We strive to gain your trust then deliver the results you seek. At Gelinas Financial Group, Inc., our passion is supporting our clients by adding value: You need information to make correct decisions. We’ll help you achieve higher levels of success and better process management through cutting-edge solutions, training, mentoring, and continuing education. Our objectivity and independence mean you get the financial-planning and risk-management solutions that meet the unique demands of your present situation. We offer our expertise in the following areas: Financial Planning Retirement Planning Insurance Investment Coaching Annuities More Hope is not a strategy. We meet with our clients regularly to scrutinize their investments and make adjustments.

Tax-Deferred Savings Accounts: A Vital Part of Retirement Planning

Shawna Kreis Shawna Kreis , 3/25/2015
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RetireA tax-deferred savings account provides a deferral of tax obligations. It is also an account registered with the government. A tax-deferred savings account may also comply with your taxable income earned at a particular time until a withdrawal is done, or within the account. A tax-deferred account used in 401(k)s, IRAs, and retirement savings accounts (RRSP). They also exist in the form of education savings plans and other accounts. As you get nearer to your golden years, you may think about the numerous advantages and disadvantages of tax-deferred savings plans. The thought of not paying taxes may be very appealing. Moreover, you should know that there are other fees that need your consideration. Two of the most significant facets of your personal financial management is saving for retirement and managing your income once you retire. You can have tax-advantaged options such as a 401(k) and IRA. One of the best ways you can manage your income when you retire is by enrolling in these plans. A 401(k) plan offers maximum contribution limits. You will also have the chance to save on interest earned over time. All you will need to do is to follow the withdrawal rules. You should also understand that you will have to pay taxes every time you take out lump sums. A 401(k) retirement plan can also make you financially secure. You will not run of money once you have a 401(k) plan. This plan also offers tax benefits and other helpful opportunities like compounding your savings over time. There are also other companies that will immediately register their employees in a 401(k) program or other related retirement savings plan when hired. An Individual Retirement Account (IRA) also allows you to save money for your retirement. You will not pay taxes on your own income once you have reached the age of 59. However, compared to the 401(k), you may have fewer savings with an IRA. When you retire, you will need enough income to live on. As you grow older, your financial needs will increase more than when you were young. Many people have health issues when they get older which is why you should have enough money to take care of your health needs. If you get the available resources that provide a retirement income along with a few carefully-planned strategies, you can live a comfortable life throughout your retirement. Sources: tax-deferred-