People are living much longer today with advancement in medicine and knowledge of health. Think about it, our parents and grandparent did have a retirement plan. Their retirement plan was to work until they died. This is because their life expectancy was to live to around age 60. Today people are living well into their 80’s and 90’s and beyond. This is very scary, because you don’t want your money to run out before you do! You shouldn’t have to sacrifice your lifestyle in retirement so it’s important you plan accordingly.

Over the years many people went to go work for an employer and the employer promised to pay the employee a pension when they worked “x” amount of years and then retired. This was a pretty darn good plan for the employee, but not so good for the employer. As markets have gone up and down and economies and boomed and crashed, this has significantly affected the “projected” rate of return the pension company made to stay whole on their promise to the employee when they retire. Not to mention the other factor, we are living much longer today. It is becoming extremely rare for a company to offer a pension to its employees, and We have seen more companies “buy out” their employees’ pension plan with a lump sum rather than try to pay the pension annuity to the employee.

Without getting too technical on all the different types of planning I do for clients, keep in mind there are some significant tax advantages for self-employed higher income professionals. I work with IRS approved plans that can allow these individuals to potentially defer upwards of 200-400k per year. This is a huge tax savings. There are many different factors that are considered but I do have access to these types of plan. For many of us, a Roth IRA doesn’t make sense simply because your adjusted gross income is too high. I have access to strategies that are essentially “Roth IRA’s on Steroids”. You contribute with after tax dollars, its gross tax deferred and withdrawals can be tax free!

Please contact my office and I can help you build a solid retirement plan and work with you over the years to ensure this plan can be implemented. Its very important to work with a Financial Planner who understands these concepts and has access to these strategies. Many traditional banks and brokerage firms have a different objectives and do not allow their advisors to do such plans because these plans may not be profitable for the bank or it doesn’t provide the type of revenue income the bank or brokerage house is looking for.

You may have been looking for our Las Vegas and Missoula Trust and Estate Planning services, please see the Trust and Estate Planning page.