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Our expert team at Benefits Plus Financial can help you create a diversified plan that will protect your nest egg and provide for your needs so that you can concentrate on enjoying life instead of worrying about every dip in the markets. Just book a date and time for your free consultation.

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We believe everyone, regardless of how much money they have, can take control of their financial future and make a plan to reach their goals. We can give you the confidence and peace of mind that can be yours as you master your current and future financial outlook.
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Whether you’re in the building years or the golden years, Benefits Plus Financial puts you in your most powerful position through our exclusive financial approach.

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Benefits Plus Financial can assist you in making long-term financial plans and working to build wealth for the future.

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Benefits Plus Financial can assist you in maintaining your quality of life throughout retirement.

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Frequently Asked Questions

Find quick answers to common questions using our helpful FAQs.
When can I retire?
When determining when you may retire, one must evaluate their estimated future expenses to their expected future income. One would have to guess a good amount while they’re young. However, by the time you’re 10 years from retiring, you should have a much better notion of what those figures will be.

Here are a few questions you’ll need to answer to figure out when you’ll be able to retire.

Will I have enough money to retire?
To maintain the same lifestyle after retirement, financial advisers frequently recommend replacing around 80% of your pre-retirement income. That means that if you earn $100,000 per year, you should strive for at least $80,000 in retirement income (in today’s money).

There are a few things to consider, and not all of this money will have to come from your savings. When it comes to finding your retirement “number,” it’s vital to remember that it’s not about deciding on a specified amount of savings. A $1 million nest egg, for example, is the most typical retirement goal among Americans.

The main consideration in estimating how much money you’ll need to retire is whether you’ll be able to generate enough income to maintain your preferred standard of living once you retire. Will a $1 million savings account provide you with enough income indefinitely? Perhaps, but perhaps not. That is what we will assist you in determining at Benefits Plus Financial

Will my health and unexpected expenses exhaust all my money set aside for retirement?
Identifying expenses, sources of income, and accumulating enough money to meet a specific proportion of your living expenses are all part of retirement planning. However, there are a few costs that you may not be aware of. In comparison to working years, living expenses may be reduced in retirement, whereas other expenses may remain the same.

During retirement, Medicare will not cover all of your medical expenses, and it will not cover most long-term care needs. Some situations to keep in mind is aging in place and will one need house improvements they hadn’t anticipated. Will your retirement income be slashed by taxes, and having the financial freedom to set money aside for a future car? Is it possible that elderly relatives will require your assistance?

If I passed away last night, would my family have enough money to live comfortably?
You’re probably most concerned about having enough income to live comfortably, as are most individuals. However, people frequently neglect to plan for what happens when they die, which is understandable. Make sure everything is set up appropriately for the sake of your spouse or other family members. It’s not enough to generate income; you also need to secure it and make sure it reaches the appropriate people once you pass away. Some information to keep in mind is should one make sure that certain safeguards are in place to ensure that their money is distributed according to their wishes in the case of their death.

If your spouse dies, IRAs, 401(k)s, and estate taxes are all handled differently.

Survivor benefits from Social Security might vary greatly based on the beneficiaries and their marital status.

How does a Roth IRA conversion help me?
Taxes, whether we like it or not, influence a lot of our financial decisions. Avoiding or reducing them can have a big impact on where we live, what type of car we purchase, where we send our kids to school, whether we buy a house, and a lot of other things. Everyone attempts to keep their tax burden as low as possible. When it comes to investing for retirement, taxes play a big influence.

Investing in a Roth individual retirement account is one approach to potentially reduce taxes (Roth IRA). You contribute after-tax cash to a Roth IRA and can withdraw any earnings tax-free in retirement. Traditional IRA payments, on the other hand, are normally tax deductible, and the money grows tax-free, but you must pay taxes when you withdraw the money in retirement.

To prevent this, many investors opt for a Roth IRA conversion, which involves transferring funds from a standard IRA to a Roth IRA. The method is sometimes known as a backdoor Roth IRA because it permits investors who would otherwise be disqualified for a Roth to open one. Some key points to keep in mind are one can convert a traditional IRA to a Roth IRA via a Roth individual retirement account (Roth IRA) conversion. Secondly, Backdoor Roth IRAs are also known as Roth IRA conversions and with a Roth IRA, there is no tax reduction up front, but contributions and returns grow tax-free. Also, any amount you convert will be subject to tax, which could be significant.

What is the required minimum distribution when it comes to retirement plans?

Under previous law, retirees had to begin taking required minimum distributions (RMDs) at age 72. SECURE 2.0, Section 107, increases the required minimum distribution age to 73, beginning on Jan. 1, 2023, and to 75, beginning in 2033. Specifically, the RMD age increased to 73 for individuals who turned 72 after Dec. 31, 2022, or who will turn 72 before Jan. 1, 2033. It will increase to 75 for individuals turning 74 after Dec. 31, 2032 (view source).

How does a tax-free retirement account work?
A tax-free Retirement Account or TFRA is a retirement savings account that works similar to a Roth IRA. Taxes must be paid on contributions going into the account. Growth on these funds are not taxed. Unlike a Roth IRA, a tax-free retirement account doesn’t have IRS-regulated restrictions for withdrawals.
How do I determine my long-term financial goals?
For most people, the most important long-term financial goal is to save enough money to retire. The general norm is to put a percentage of your income into a tax-advantaged retirement account, such as a 401(k) or 403(b) if you have one, or a regular IRA or Roth IRA if you don’t. However, to ensure that you’re saving enough, you’ll need to calculate how much you’ll need to retire. Some ideas to keep in mind are setting goals, including short-, intermediate-, and long-term goals, is the first step in proper financial and retirement planning. Setting a budget, lowering debt, and building an emergency fund are all important short-term goals, however, Long-term goals should be focused on retirement, while medium-term goals should incorporate crucial insurance plans.
Can you help with retirement projections?
What is the magic number for a prosperous retirement?

Over the years, financial gurus have advised people to save $1 million — a figure that has lately risen to $2 million due to changes in the cost of living and age demographics. Some experts recommend saving 80 percent to 90 percent of your yearly pre-retirement income or saving 12 times your pre-retirement wage. Those figures and formulas can serve as a guide, but they’re not set-in stone; each person’s situation is unique.

When do retirement plans need to be set up?
Retirement plans should be put in place as early in life as possible. Consider what you want your money to do for you when you retire, even if it’s a long way off.

Perhaps you want to pay off your mortgage, assist your grandchildren with college costs, visit your ten favorite national parks, or begin a new pastime you didn’t have time for during your working years. It’s easier to plan for retirement if you can visualize what you want it to look like.

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