About 75% of Americans say the US is facing a retirement crisis, and they’re right. Most Americans are approaching retirement without a plan at all. Well over half of the working population say they’ll continue to work after retirement age.
These statistics are worrying, but all is not lost. The truth is, with a little help, anyone can have a plan for retirement. Numerous retirement plan companies now exist to provide guidance on how to plan for retirement, and you should take advantage of this.
So what exactly makes a retirement planning company worth hiring? Here are three benefits to expect.
1. Professional Advice in Choosing the Best Plan
People planning for retirement are often confused by the many retirement plans available to them. A retirement plan company can help you choose the best retirement plan for your individual needs.
Each retirement plan has its own set of rules and regulations, which can be difficult for the average person to understand. A retirement plan company can help explain these rules and regulations.
2. Money-Saving Advice
The best retirement plan company will also be able to tell you about any restrictions or penalties that may apply to your retirement plan. For example, if you’re planning on retiring before the specified age on your plan, you may have to pay a penalty for withdrawing money from your retirement account early.
A retirement plan consultant can help you choose a plan that won’t penalize you for early withdrawals. Avoiding these penalties can make a huge difference when you’re planning for retirement.
But that’s not all. A retirement plan consultant can help you save money on taxes by choosing a plan that offers tax advantages. For example, a 401(k) plan allows you to defer paying taxes on your contributions until you withdraw the money.
3. Full-Service Management
Some of the best retirement plan companies offer full-service management of your retirement account, including family business transition. This means that they’ll handle all the paperwork and investment decisions for you. This can be a great relief for those who don’t want to deal with the day-to-day management of their retirement account.
Your retirement plan company will be responsible for making investment decisions on your behalf and ensuring that your retirement savings are growing at a healthy rate. They’ll also keep you up-to-date on the current state of your retirement fund and advise you when changes need to be made.
This can give you peace of mind, knowing that your retirement account is in good hands.
Reap the Full Benefits of Working With Retirement Plan Companies
Planning for retirement is no easy task, but retirement plan companies can offer valuable assistance. From their professional guidance, not only do you get to choose the right retirement plan for you, but you’ll also make the most of it. Did you enjoy reading this article? Keep browsing our blog for more exciting content.