Broker Check

Saving For Retirement

How do you start preparing?

At Fidelis Wealth Management we can help you begin planning your retirement journey with an in-depth conversation about you, your aspirations and the people and causes you care about the most. We can help you visualize your retirement and implement an investment strategy to work toward that vision.

Here are a few questions to ask yourself:

  • How do you see your lifestyle changing?
  • Will you spend more or less than you do today?
  • Do you have loved ones to take care of?
  • What specific goals do you have in mind — a vacation home, philanthropy, travel plans?
  • Which of your assets will generate the income necessary to maintain your lifestyle?

Chances are you already participate in at least one tax-advantaged retirement program – a 401(k) plan at work, for example, or perhaps an IRA. Participating in the tax-advantaged accounts for which you are eligible may offer one of the best ways of accumulating assets over the long term.

We can help you determine which of these programs makes the most sense for you, given your unique circumstances and their combination of benefits, requirements and constraints.
Here are a few guidelines to consider: 

  • You should consider participating in an employer plan such as a 401(k) or 403(b), if available. These plans enable you to save for retirement with pre-tax dollars and accumulate assets tax-deferred.
  • If you’re eligible to contribute to a Roth IRA, consider establishing one and contributing to it annually. You’ll not only accumulate assets tax-deferred, but you’ll potentially be able to withdraw them tax-free at retirement.  Contributions to Roth IRAs are made with after-tax dollars.
  • The $100,000 MAGI limit for converting eligible retirement savings accounts to a Roth IRA is eliminated beginning in 2010. You may want to consult with your financial advisor on whether a Roth IRA conversion is appropriate for your needs and goals.
  • If you’re not eligible for a Roth IRA, you should consider establishing and contributing to a traditional IRA annually even if you are not able to deduct the contribution.
  • You should realize that different retirement programs have different, and complex, requirements and constraints concerning eligibility, participation and the circumstances under which money can be withdrawn.