Retirement Planning

Doffin Investments is an investment management firm dedicated to providing clients with a simplified approach toward building and managing wealth. Since 2003, we have found pride in developing deep, long-term relationships with our clients. That is why our plans are always personalized and prepared to weather the storms of any wealth lifecycle. While we focus on helping retirement strategies, we also offer ideas for reducing tax liability, minimizing distribution requirements, and maximizing investment-related income. Through personal, hands-on service, we not only support clients toward financial freedom but educate them on the concepts and strategies used to get them there. Altogether, these techniques are used by Doffin Investments to guide our clients toward the three pillars of prosperity: Save. Enjoy. Leave.

Planning for retirement is the act of analyzing your current income and future goals so that you can decide on an action plan for how to save leading up to the day you retire. The planning process usually requires identifying sources of income, creating a realistic savings program, preserving assets, and managing risk. The task may seem daunting, but the outcome is well worth the effort. Retirement planning is an important way to help ensure that your post-employment years are safe, secure, and financially stable. Since retirement is an essential part of most people’s lives, making the experience as comfortable as possible is the primary goal.

• Save – A prominent component of retirement planning basics is to save. Now, while it is wise to save in standard savings account for general purposes, your retirement savings should be explicitly allocated to a retirement savings account to make the most out of your retirement savings funds. Retirement savings accounts allow your money to grow in a tax-efficient way.
• Get-to-Know Your Needs – A key component in retirement planning is knowing and understanding your income needs when you retire. This is one reason why it is so important to plan. If you have everything mapped out ahead of time, it is easier to make sound financial decisions during retirement.
• Maximize Contributions – If your employer offers a retirement account(s), take advantage of it. Maximize your contributions. Many employers will match a percentage of employee contributions to employer-sponsored retirement plans.
• Apply Basic Principles – Learn about and apply basic investment principles. Your retirement financial planner is a valuable asset, but you should know what’s what when it comes to your retirement planning.
• Get an IRA – Get an Individual Retirement Account (IRA). While a 401(k) or other employer-sponsored retirement savings account is good to have, it will not take care of all of your retirement needs on its own. It is essential to use multiple retirement savings outlets to ensure that your retirement plan will work for your needs when it comes time to retire.
• Get a Retirement Planner – While it is crucial to know and understand your retirement plan, all the information available to pre-retirees and retirees can be a bit overwhelming. It is most essential to bring in an expert who will help you each step of the way, leading you to your best and most successful financial life in retirement.

There are numerous options when it comes to retirement plans, but here are some of the most popular versions that might interest you:

 401(k)

This plan allows individuals to contribute some of their pre-tax paychecks to tax-deferred investments, reducing the amount of taxes on the income you would need to pay that year. The investments will grow tax-deferred until they are withdrawn during retirement. It is typically distributed as an employee benefit, so it is important to speak with your employer to determine what plans they have to offer.

Individual Retirement Account (IRA)

This is a tax-favored account, meaning that it is either subject to tax-free growth or tax-deferral. Once the money is withdrawn, the funds will be taxed, but the individual can rest assured knowing they will not be taxed until then.

 Roth (IRA)

With this option, contributions are made with after-tax dollars, but those dollars are never taxed again once you begin generating money within the IRA. This option also lets you withdraw contributions before retirement without penalty, so long as it has been five years since your first contribution.

The best time to begin planning for retirement is now. Sifting through retirement options, the details of your own finances, and determining how best to merge the two takes a lot of strategizing. Many people choose to put it off simply because the thought of doing so is daunting, or the thought of retirement seems too distant for present-day consideration. However, delaying retirement planning will only lead to lost time, lost earnings, and lost wealth. Rather than feel overwhelmed or miss out on time spent expanding your savings, speak with a local retirement planner. Through financial review and personalized planning, we can help make retirement as stress-free as possible, even before it has begun.