As an insurance agent, we can help you prepare for retirement. At Horace Mann Insurance, we have been working with educators, school employees, and their families for over 70 years. We intimately understand your retirement benefits and can help you to better understand how they work, what you will receive when you retire, and how to best maximize those benefits.
Plan for Your Future
Before you near retirement age, you should take time to consider the lifestyle you want to have. Do you want to buy a boat and spend weeks at sea? Do you want to travel to remote destinations, spend time with family, or buy a new home? When you retire, you’ll want to have enough money to pay for new adventures, rather than simply keep the lights on and the refrigerator full. Since you will not be making money on a monthly basis, your retirement funds will have to work to pay for it all. a Suncoast Insurance agent can sit down with you to discuss those goals and how much money you will really need to retire. That way, you can start to build a retirement portfolio that will provide what you need.
More Retirement Solutions
In addition to your pension and any social security benefits you are entitled to, you should have other investments. At Suncoast Insurance LLC, we recommend investing in an IRA or annuity. There are several types of both, and the cash flow they generate can help you live a high-quality lifestyle during your retirement years.
Traditional IRA / 403b / 457
You can invest money into a traditional IRA and not pay tax on it until you are ready to withdraw those funds. This can help you put more money into your retirement while you are still working. You can reduce your tax liability today and will not have to pay taxes until you begin to withdraw that money.
If you are comfortable paying taxes on your earnings today, a Roth IRA can be incredibly beneficial. The money you invest can grow tax free, so if you hit a home run on your investments, you will not have to pay any taxes when you pull that money out. You will already have paid taxes when first making it, which means you can count on the entire amount in your IRA being available during your retirement years.
Another way to save for retirement is to purchase an annuity. You can get a fixed annuity that guarantees a set rate of return or one that is indexed to the stock market. You can buy one at any time but should not withdraw the funds until you reach 59 ½. There is a set limit to how much you can withdraw from your annuity on an annual basis (typically 10 percent). The benefits of having one is that a fixed annuity is virtually risk free, and both can provide you with the additional cash flow you will need to truly enjoy your retirement years.
To discuss your goals and how we can help you achieve them, call John Baron Crager at 1-727-497-7701.