Travis Financial Services–

Q&A on Retirement Accounts with a TFS Financial Consultant

Q&A on Retirement Accounts with a TFS Financial Consultant

Many of us worry about how much to save for retirement. The financial consultants at Travis Financial Services can help you determine your nest egg and create a plan aimed at getting there. In this featured blog post with Brent Fisk, Financial Consultant at TFS, he answers commonly asked questions about retirement accounts. Learn about savings and consolidation, as well as predictable retirement income!

Savings & Consolidation

Q: Everyone talks about saving for retirement, but which types of retirement savings accounts are available for me?
A: There are employer-sponsored retirement plans such as 401k, 403b, 457 Plans, IRAs, and Roth IRAs, and non-qualified tax-deferred investments. These accounts allow retirement savers to leverage tax-deferred growth and potential employer matching (in the case of employer-sponsored plans), and access a multitude of investments based on investment timeframe and risk tolerance. While these types of accounts aren’t the only way to save, they do offer attractive incentives for those saving for retirement.

Q: How much will I need in retirement? How much of that amount do I need to save?
A: Retirement is a transition from “you’re working for your money” to “your money is working for you.” Retirement is one thing you cannot borrow money for, so if you haven’t already, talk with a Financial Consultant. They can help you define your goals and post-retirement lifestyle, as well as monitor your progress and help adjust, when necessary, to keep you on track.

Q: If I still have an employer-sponsored retirement plan (such as a 401k) from a former employer, what should I be doing with that account?
A: Depending on the employer’s rules, you could keep the money in your retirement account, roll it into your current employer-sponsored retirement plan or roll it into a personal IRA. We’d suggest talking to one of our Financial Consultants, and perhaps your current employer and a tax accountant for advice. One of the first questions I ask a client who has a dormant 401k is, “When was the last time you looked at your investment choices, and do they still make sense?” I have found that the last time those investments were evaluated was usually years ago. As clients get closer to their goal of retirement, the risk that their portfolio might be out of alignment is a real challenge.

Predictable Retirement Income: Most Frequently Asked Questions

Q: I know I’ll get Social Security and/or a state pension for retirement income, but that may not be enough to pay my bills and provide the lifestyle I want. How should I fill that income gap?
A: First, let’s go back to the question of “how much will I need in retirement?” That’s a critical part of understanding how much retirement income you’ll be able to produce and not outlive. Yes, Social Security and pensions are a good and relatively stable source of income, but you may need more. It may make sense to strategize with a Financial Consultant about when to start taking Social Security benefits and how to coordinate benefits with your spouse. Your retirement accounts such as the employer-sponsored plans and IRAs may be the only other primary source of income unless you include rental properties or other types of investments that produce income.

Q: At my current age, can I project the income that will be necessary for retirement?
A: Yes, one of our Financial Consultants can perform an array of calculations for predicting the income you will need to support the lifestyle you want, covering the debt and expenses you expect to have in retirement.

Whatever your current plan is for retirement, talk to a financial consultant to understand if your savings and investments are set up to seek the best returns for you or if you need to redraw your plans. Call (888) 449-6030 today, or stop by a branch to set up your cost-free consultation.

Financial Consultants

 


Brent Fisk, TFS Financial Consultant

Brent Fisk
TFS Financial Consultant

About Brent Fisk:
Brent is an experienced and knowledgeable Financial Consultant who works with clients to identify, prioritize, and devise a comprehensive “road map” to pursue their financial goals. He helps them understand financial strategies, solutions, and plans to save for retirement and provide retirement income. Brent holds an MBA from the University of Massachusetts and an undergraduate degree in Business Administration and Computer Information Systems from Elon University. He has also been certified as a Behavioral Financial Advisor (BFA).

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The financial consultants at Travis Financial Services are registered representatives with, and securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA / SIPC). Insurance products are offered through LPL or its licensed affiliates. Travis Credit Union and Travis Financial Services are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Travis Financial Services, and may also be employees of Travis Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Travis Credit Union and Travis Financial Services. Securities and insurance offered through LPL or its affiliates are:

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