Retirement Planning throughout Your Life
After working 40 or 50 years, you could
find yourself retired for another 20 or 30 years. To support yourself
without a job for 20 or 30 years, you should probably be planning
for retirement during your entire working life. However, your
concerns and strategies for retirement will change as you age.
Consider these tips.
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Leave Your 401(k) Funds Alone
If you leave your employer, decide what
to do with your 401(k) funds. Your worst option is to take a distribution,
pay taxes and a penalty on it, and then spend the money on something
other than retirement. By doing so, you use retirement funds and
forego any further tax-deferred growth on those assets. In addition,
you may incur a large tax bill.
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Who Is Affected by the AMT?
The alternative minimum tax (AMT) was originally
designed to ensure wealthy taxpayers paid at least a minimum amount
of tax. However, due to the tax calculation, more and more taxpayers
are becoming subject to the AMT. For instance, 3.6 million taxpayers
paid the AMT with their 2005 tax returns, with that number projected
to increase to 30 million, or 20% of all taxpayers, by 2010.
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The Dangers of Delaying Retirement Savings
It's a common problem. Even though we know
it's best to start saving for retirement at a young age so our
savings have long periods to grow and compound, it's difficult
to find money to save when we are getting established and raising
families. Thus, it's easy to postpone saving, waiting until your
children are grown to start saving significant sums for retirement.
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Stick with Your Strategy
We all know the basics - design an asset
allocation plan, ignore market fluctuations, and stick with the
plan for the long term. In other words, become a buy-and-hold
investor. But in an era where everything seems to change overnight,
is it realistic to expect to find investments you'll be comfortable
owning for years or even decades?
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David K. Sebastian, CFP®, and his team of experts at The Physicians Wealth Management Group specialize in working with individual physicians and group medical practices. David is considered to be one of the top financial advisors in the country with more than twenty five years of Wall Street experience as a chief investment officer, portfolio manager, institutional bond trader, and estate planning, benefits planning and retirement consultant.
Commitment to his clients’ financial needs and well being is a primary motivation for David.
The Physicians Wealth Management Group was specifically created to address and manage all of the unique financial challenges that doctors are facing both individually and through their group medical practices.
Feel free to contact me at
www.physicianswealth.com or
dsebastian@sfr1.com
or call me at (973) 285-3600
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