Retirement
Clearing Your Path to Retirement
We offer a variety of retirement options, and, more importantly, we strive to bring you the solutions and recommendations that are right for you. As an independent firm, our primary interest is our clients. Whether you’re just starting to save or are already retired, your advisor will get to know you and help you choose the best path toward a secure, worry-free retirement.
With J.Freeman & Associates, you get personalized guidance and direct support tailored to you and your life. Feel free to contact us with questions.
Services We Offer
- Retirement Guidance
- Traditional IRA
- Roth IRA
- Rollover IRA
- Custodial IRA
- Inherited IRA
- Rollover Options
Common Questions
What does retirement cost?
Retirement costs vary greatly depending on both discretionary and non-discretionary spending. According to USA Today, the average American spends $50,200 per year during retirement, but your experience may be different. Your J.Freeman & Associates team can help you better understand your potential needs in retirement and plan accordingly.
How much should I save toward retirement?
A good way to calculate how much you should save is to estimate how much you’ll need to withdraw during your first year of retirement and multiply that number by 25.
For example, if your annual expenses will be $75,000 and you’ll receive $20,000 in Social Security, you’ll need to withdraw $55,000 for your first year of retirement. $55,000 x 25 = $1,375,000. That is how much you’ll need in retirement savings.
Keep in mind this is only an estimate and may not be accurate for you. J.Freeman & Associates can advise you on your specific situation and help you meet your retirement goals.
Should I start saving for retirement now or wait until my debt is paid off?
It’s best to start saving for retirement as soon as possible, even if you have outstanding debt. Charles Schwab recommends prioritizing minimum loan payments first, contributing to retirement savings (such as a 401(k) or an IRA) second, and making extra payments on your debt third. This will ensure that your debt gets paid down and that you will have retirement funds when you need them.
When should I start taking Social Security?
While you can start taking Social Security at age 62, it’s best to wait until your full retirement age if you can. Full retirement age is between 66 and 67 years, depending on your birth year. Once you reach your full retirement age, you can delay your benefits to receive an additional amount (around 8% per year that you postpone up to age 70).
Where should I put my savings for retirement?
Check whether your employer matches the funds that you put into your employer-sponsored account. If so, we recommend maximizing the amount of the match.
Other options for savings include a Health Savings Account (HSA), a traditional or Roth IRA, and brokerage accounts. At J.Freeman & Associates, we help you find the best place for your retirement funds depending on your personal circumstances, needs, and preferences.
Where should I start?
A great place to start planning for retirement is to talk to a J.Freeman & Associates advisor. We offer many savings and investment opportunities and will advise you on how to meet your unique retirement goals. Schedule a meeting today to discuss your options and receive the personalized, caring service that we offer at J.Freeman & Associates.
