Retirement Plans For Every Stage

Posted by Creekmur Wealth Advisors on 4:27 PM on November 6, 2018


How can you create a solid retirement plan? How can you help ensure that your True Wealth is protected? Most people have at least one, if not multiple, 401(k)s, 403(b)s, IRAs, Roth IRAs, and Brokerage accounts.  But how many of you are truly leveraging other useful savings tools like HSAs, Roth IRA Conversions, and the Saver’s Credit just to name a few? Very few people are fully utilizing all of the financial tools available to them. That is why we would encourage you to consider looking at these underappreciated options for potentially greater retirement savings:


For those just starting out. For anyone who has yet to begin saving for retirement, the best time to start is now. It doesn’t have to be a large portion of your income; anything is better than not saving at all. There are additional benefits to saving, beyond securing your financial future.  The Saver’s Credit is a tax credit given to couples who are married and filing jointly who have income below $63,000 as well as to individuals who have an income below $31,500. In order to qualify for this credit, you must simply contribute funds to a qualified retirement account, such as an IRA, 401(k) or 403(B). The credit will mirror your own contribution to an IRA or individual workplace retirement plan up to a certain limit that is determined by your income and contribution amount.


For those in the intermediate stages. Maybe you’ve maxed out your 401(k) and are unable to contribute to a Roth IRA due to your income. Many individuals in this situation would like to diversify their future retirement tax strategy. That is where the Roth IRA Conversion might come into play and is so often overlooked. This type of conversion is conducted for individuals who have too high of an income to contribute to a Roth IRA but would like to transfer funds to their Roth accounts—paying taxes during the conversion—so any gains can be withdrawn tax-free in retirement.


For those in the advanced stages. As we advance closer towards retirement the conversation will inevitably turn towards how to ensure appropriate income is available in retirement. This is where having a diverse, tax-maximized retirement income plan is so key for long-term success in retirement. If done correctly, an income plan can help add years of income and peace of mind to your retirement plan. Unfortunately, so many people we see have no clearly defined idea of how to put together and maximize their retirement income streams.


Closing thoughts: Always keep in mind that each retirement plan should look different. Everyone has a solution, but each solution is unique to the individual and their version of True Wealth. Feel free to contact us directly if any of these topics peaked your interest, we would love to help connect the pieces of your financial planning puzzle.

The Changing Story of Retirement 

Creekmur Wealth Advisors may be reached at 309-925-2043 or

Contributions by Faith Anderson

Securities offered through Madison Avenue Securities, LLC (MAS), member FINRA/SIPC. Investment advisory services offered only by duly registered individuals through AE Wealth Management, LLC (AEWM), a Registered Investment Adviser. MAS and Creekmur Wealth Advisors are not affiliated companies. AEWM and Creekmur Wealth Advisors are not affiliated companies. Investing involves risk, including the potential loss of principal. Although there is no up-front tax deduction for Roth IRA contributions, qualified distributions are income tax-free. Neither the firm nor its agents or representatives may give tax or legal advice.  Individuals should consult with a qualified professional for guidance before making any purchasing decisions. 607320

Topics: 401k, Uncategorized, Retirement, Roth Conversions, Roth IRAs, RetirementRSS

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