Front Range Financial Specializes In Helping You Enjoy A Worry-Free Retirement
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Financial planning is crucial throughout all stages of life, but many people think retirement planning can be left until later. In reality, however, it is never too early to start planning your retirement.
While saving and planning for the future is rarely easy, following these steps will give you the best chance of achieving your retirement goals.
401K & Pension Rollovers
There are two main types of retirement plans – Defined Contribution and Defined Benefit plans. While there are pro and cons to each type, both plans grow tax-deferred.
Defined Benefit pension plans are becoming the less common retirement plan so if you find yourself in the less than 10% of retirees to have a pension, consider yourself lucky! Defined Benefit plans are designed to pay an employee a monthly income for the rest of your life in retirement and sometimes even a spouse. The amount is calculated using a formula that is usually based on salary and years of service and that payment continues for as long as you are alive.
Members of Defined Contribution plans generally contribute a certain percentage of their income each year and commonly the company will match a portion of your contribution. The goal with a Defined Contribution plan is to grow your tax-deferred pot of money large enough to retire on, and pay the later when you are no longer working.
Many people believe estate planning simply means having a will. In fact, estate planning is far more complex than most people understand. It would also surprise many to realize just how much money can be saved by implementing a properly structured estate plan.
Click the below button to see a list of estate planning tasks that need to be addressed, regardless of age or health.