Financial Advice Through Every Stage of Life

One of the keys to successful investing is constructing a portfolio with the right investment mix, or asset allocation, to help you work toward your objectives and best suit your risk tolerance. It all starts with having a solid investment plan that takes into consideration what is happening now, what could happen next and what may happen even later.

The key is to align your portfolio with that plan to help ensure you remain on track towards meeting your long-term financial goals.
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Saving for Retirement

Saving for retirement is essential because it allows you to maintain your standard of living once you leave the workforce. It provides a sense of financial stability and covers costs in your later years. By beginning early, you give yourself more time to potentially accelerate growth and increase your retirement funds.
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Approaching Retirement

Retirement may be both exhilarating and intimidating.  It is a time to reflect on one's accomplishments and plan for a fulfilling future while also considering financial and lifestyle changes.
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Living In Retirement

Living in retirement can be a time of relaxation and pursuing one's passions. However, it also requires careful investment planning and adjustments to accommodate a fixed income.

Types of Retirement Accounts

A traditional IRA can be a good choice for individuals who want to reduce their current tax burden and save for retirement with tax-deferred growth.

Income tax will apply to Traditional IRA distributions that you have to include in gross income and may be subject to an IRA 10% additional tax for early or pre-59 ½ distributions.
A Roth IRA is important because it allows for tax-free growth and withdrawals in retirement, providing financial flexibility and potentially saving a significant amount of money in taxes.

Qualified Roth IRA distributions are not included in gross income.  Roth IRA distributions are generally considered “qualified” provide a Roth IRA has been open for more than five years and the owner has reached age 59 ½ or meets other requirements.  Withdrawals may be subject to an IRS 10% additional tax for early or pre-59 ½ distributions.
Self-employed retirement plans offer tax benefits and allow individuals to save for their own retirement, while employer retirement plans like a 401(k) provide a convenient way for employees to save for retirement with contributions from their employer.

Withdrawals are subject to ordinary income tax and may be subject to an IRS 10% additional tax for early or pre- 59 ½ distributions.

Meet With Us

Contact us today to schedule your visit.

Summit Wealth Management
1500 Liberty St SE
Suite 250
Salem, OR 97302

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