Smart and effective methods for retirement planning
Smart and Effective Methods for Retirement Planning
With the multitude of variousstrategies involved, saving forretirement can initially be achallenging and confusing process.Justin F. Shaw, President andfounder of Advanced FinancialConcepts, provides insight on howone can effectively plan for his orher financial future.
Question 1: When should people start saving for retirement?JS: Ideally, people should start saving in their 20s or30s. Investment plans work best when allowed to growand accrue over time.
Question 2: What are some basic retirement strategies to keep in mind?• JS: One key factor is making sure retirement strategies meet all tax requirements and are tax- efficient.
Question 3: Are there any situations where one can withdraw money from a retirement plan before age 59 ½ without incurring any penalties?• JS: There are exceptions to early withdrawal penalties, such as death or disability of the account owner, exorbitant medical expenses, expenses for higher education, or a first-time purchase of a new home.
Advanced Financial Concepts, located in Houston,has been helping individuals, couples, and familiessecure their financial futures since 1998.