As of 2019, the average monthly Social Security payment is $1,422 and you will most likely need more than that to live comfortably during your retirement. Retirement saving is a top priority for many savers and the earlier you start, the less money it will take. But which retirement account do you open and contribute to? There are many different types of retirement plans and the tax benefits vary greatly. Common factors to consider when choosing a retirement plan are the timing of tax benefit, contribution limit, income limit, and business size. Below are summaries of each common retirement plan.
At Kauffman|Kim, LLP, we work with affiliated financial advisors to assist you to take the proper steps to reach your goals. The road to retirement is a long one, so don’t make avoidable mistakes.
This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Kauffman|Kim, LLP (Kauffman & Kim, or the “firm”) shall not be responsible for any loss sustained by any person who relies on this publication. Any action you take upon the information on this publication is strictly at your own risk. Kauffman|Kim, LLP (Kauffman & Kim, or the “firm) assumes no responsibility or liability for any errors or omissions in the content.
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