Even though it may be decades away, it is never too soon to plan for your retirement. Millions of people reach their supposedly "golden years" impoverished because they failed to plan. It is not a secret that the financially stressed Social Security will only provide a small part of your retirement needs. In addition, many of today’s jobs do not provide retirement benefits such as Pension Plans or 401(k).
retirementIndividual Retirement Accounts (IRA) permits individuals to subtract a portion of their earnings from taxable income and to contribute these amounts to IRA accounts offered by banks, savings institutions, insurance companies, and mutual fund organizations. There are many types of IRA and many other investment vehicles that may be appropriate to you based on each personal circumstance.
At M & R CPA Services, PSC we go over our clients specific circumstances and advise them as to what investment vehicles are best to achieve their retirement goals. We also help them through the basic steps of retirement planning.
  • Basic Steps in Retirement Planning
  • Decide how you want to live when you retire
  • Estimate how much income you will need during retirement
  • Figure out how much you need to accumulate to fund your retirement
  • Take stock of your progress in meeting your retirement needs
  • Take action to close the gap between the resources you now have and the resources you will need to retire