Retirement Savings Options for You or Your Business, McCartin Insurance

Retirement Saving Options

A couple planning for retirementIf you are looking for options for your personal retirement saving or planning for a business, McCartin Insurance can help you plan ahead.

Getting started saving for retirement when you’re in your twenties or thirties is best but it’s never too late to start. There are many different ways to save money but the most important thing is to begin making regular contributions as soon as you can. You can gradually increase the percentage of your income that you save so that you hardly notice the difference in your paycheck. Take a look at the variety of investment options available for retirement savings below.

For Individual Savers:

Life Insurance

Life insurance can offer advantages for retirement planning. Permanent life insurance offers coverage that’s in place your entire life and may build cash value. Annuities offer a safe investment alternative with guaranteed interest rates, tax deferral and an option to have guaranteed income for life. Life insurance offers the advantage of tax-free death benefits and liquidity. Deposits are not limited like for IRAs and 401(k)s. Life insurance is affordable since it comes in a wide range of prices to fit any budget.

Non-qualified Annuities

Annuities are a fixed-rate investment option that is safe from stock market fluctuations. Annuities pay out over a long period of time. This option is good for individuals with earned income or those who want to supplement an employer provided retirement plan.

Traditional IRA

This saving plan qualifies for tax advantages now. You get a tax-deduction in the year you make the contribution. IRAs are good for individuals with earned income who want to save for retirement or add to an employer provided retirement plan.

Roth IRA

A saving plan that qualifies for tax advantages after retirement. The money you take out during retirement is tax-free. This option is good for individuals with earned income who want to save for retirement or supplement an employer-provided plan.

For Businesses Seeking Plans for Employees and Business Owners:

SIMPLE IRA

A savings incentive match plan for employees is set up by an employer. Employees can contribute to the plan on a tax-deferred basis.

SEP IRA

A simplified employee pension retirement plan that is set up by an employer. Only the employer can contribute. This is a way for small businesses, professionals and self-employeed individuals to save for retirement income.

Deferred Compensation

A life insurance-based plan for select key employees purchased by a business owner. This helps employers attract and retain key employees.

Executive Bonus Plan

Individual life insurance policy bought by a business owner for key employees. At retirement, the employee can use the policy’s cash value as supplemental income. This plan helps business owners recruit strong candidates, retain them and have a benefit with tax-deductible costs.