Audio Version: Let Me Hear It!
Our #FashionSense series continues this week. You now have a solid base layer and have planned for the what-if’s. Now, before stepping out, you must decide what heel to step into. Consider retirement saving vehicles as your financial heel; they support you on your path for life and, if chosen well, will get you where you’re going faster. In the words of famous shoe designer Christian Louboutin, “a shoe has so much more to offer than just to walk.”
Just as the right heel depends on a number of factors such as occasion, weather, terrain, mood and (let’s be honest) pedicure status, there are many factors to consider when choosing a retirement vehicle… and you will likely end up with more than just one. Savings vehicles may include IRAs, 401(k)’s, other retirement plans and non-retirement investment accounts. Which account type to choose will depend on a number of factors that are unique to your situation.
Work with your financial professional or contact us to develop a retirement saving strategy that considers your goals, timeframe, tax implications or advantages, employer contributions, etc. In the meantime, the chart below provides the generally accepted order for where to put your next saved dollar.