There are many stages of retirement planning, and many perspectives. At BSB, no matter if you are the employer, the employee, or the retired, we can help.

If you are an employer you are interested in paying less money in income taxes, attracting the best employees and saving for retirement.   401(k), 403(b) SEP, SIMPLE, Profit Sharing, Money Purchase Plan, Defined Benefit Plan…..there are a lot of acronyms to understand and consider. We can assist you in choosing the correct retirement plan for you, and for your employees.

Retirement Planning Advice

As an employee, with most companies forgoing the traditional defined pension, it may be up to you to make sure that your retirement is possible.  You might have a combination of IRAs, 401(k)s and 403(b)s that combine to provide you with your retirement nest egg.  Are you doing enough? What about Roth IRAs?  They can be attractive, due to the potential for tax free income in retirement and no Required Minimum Distributions (RMDs).  Are you eligible to contribute to a Roth IRA and should you convert a traditional IRA to a Roth IRA?  We can advise you on the tax and financial impact of these decisions.

And if you are already retired or on the verge of retiring, what is the best age to start taking social security benefits? This is a complicated decision, and there is much about the benefits to consider. The onset of RMD may be a cause for concern.  We can help you project the effect of your first year’s RMD on your tax return and recommend whether or not estimates or additional withholding are necessary to avoid underpayment penalties.

Whatever your situation, at BSB we can help educate you so that you can make the best decision for all.


Contact our Retirement Planning Team: