Safeguarding Your Financial Future
Expert Financial Advisors
Advanced Financial Planning
Client Relationship Focused
Let’s grow with our Financial Services
Do you know if you’re on track to reach your goals?
Our Financial Services
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.
Benefits Plus Financial can assist you in making long-term financial plans and working to build wealth for the future.
Benefits Plus Financial can assist you in preserving your assets as you prepare for retirement.
Benefits Plus Financial can assist you in maintaining your quality of life throughout retirement.
Avg Profit Increased
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?
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?
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?
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?
RMDs (Required Minimum Distributions) are the minimum sums that a retirement plan account owner must withdraw each year beginning when he or she becomes 72 (70 1/2 if you turn 72 before January 1, 2020) or, if later, the year in which he or she retires. If the retirement plan account is an IRA or the account owner is a 5% owner of the business sponsoring the retirement plan, the RMDs must begin when the account holder reaches the age of 72 (70 1/2 if you achieve that age before January 1, 2020), regardless of whether he or she is retired.
How does a tax-free retirement account work?
How do I determine my long-term financial goals?
Can you help with retirement projections?
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?
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.
Ready to get started?
Need more help?
Get professional guidance to create a personalized plan and investment strategy.