Wealth Management CPAs specializes in comprehensive answers to your financial, tax and estate questions. At our firm, your best interest is our top priority. Whether you want to build your wealth, reduce your taxes or just find reliable advice we are happy to help.

We have been able to help many in our community lower their taxes and enjoy a wonderful retirement. We are excited to see how we can help you.

Our mission is – TO BUILD WEALTH – to protect our client’s present and empower their future. We do this by simplifying the complexities between our clients financial, tax and estate plans. This in turn can help our clients lower their taxes and build their overall wealth.

There are a number of things you may be able to do to reduce your taxes now and into the future. At our firm, our goal is to provide you with specific answers about how to best structure your retirement plan to maximize tax savings.

Ask us today for a complimentary Tax Analysis.

A 401(k) is an employer-sponsored retirement plan.

IRA stands for Individual Retirement Arrangement. Unlike a 401(k), an IRA allows the investor to arrange their retirement according to the individual’s personal situation. Typically you have a lot more investment options under an IRA than a 401(k).

Both allow very similar tax benefits and you can rollover your 401(k) to an IRA without paying taxes.

You can have both a 401(k) and an IRA. It is typically a good idea to keep contributing to your 401(k) if your employer matches your contributions. Once you are eligible to rollover your 401(k) to an IRA then it could give you additional benefits that are not found in your employer-sponsored 401(k).

You can rollover your 401(k) to an IRA without paying taxes.

You likely won’t pay any fees or penalties to roll-over your 401(k) into an IRA. To avoid taxes or fees on your roll-over, be sure to fill out roll-over paperwork and file it properly with your former employer and the new custodian of your IRA.  Improperly filed roll-over paperwork will prevent you from accessing up to 20% of your retirement savings until tax refunds are posted by the IRS. There is a chance the IRS may not refund that money.

Schedule a complimentary consultation at our firm, and we can begin the roll-over process, and/or answer your questions about it.

When you change employers you have a qualifying event that gives your several options. You can cash it out, but it will become taxable and you may need to pay a penalty if you’re under 59 1/2 years old. You can leave it with your old employer, consolidate it with the 401(k) at your new employer, or transfer it into a Individual Retirement Arrangement (IRA).

At our firm, we can help you decide what is best for your situation.

You can begin taking social security benefits as early as age 62 (or earlier if you’re the survivor of another social security claimant, or on disability). You can wait until as late as age 70. You only get maximum social security payments if you wait until full retirement age (FRA). FRA varies between age 66 and 67 for people born after 1954. If you begin taking benefits at age 62 your payments will be smaller than if you waited until FRA.

We can provide you with a complimentary Social Security analysis to take an analytical approach to starting your benefits and help you get the highest payout.

*Note – It is also important to take taxes into consideration when calculating social security benefits.

Analysts recommend a retirement income of 80% of your final employment income. The average retirement household income is about $48,000 before taxes and spends about $46,000 per year. The average social security income in retirement is about $40,000 per year.

Schedule a complimentary consultation with us to receive professional advice on your ideal retirement income and begin designing a plan to position you to achieve it.

We have found the best thing people can do to prepare for retirement and ensure a bright future ahead is to have a plan in place. That plan should be there whether the markets go up or down, whether a car breaks down or we have a health concern. A good plan takes into consideration the things we can and cannot control. It’s always advisable to have an emergency or rainy day savings fund.

Being CPAs, we can help you put together your personal income statement and balance sheet. We create personal retirement plans that fit your lifestyle.

Schedule a complimentary consultation to discuss this, along with other options.