Garden City, NY (PRWEB) July 14, 2016
Long Island based accounting firm Nazaire & Co. is turning their attention to helping those preparing for retirement. By following certain steps and gaining insight on specific topics, employees can make their transition into retirement an easy one, while also securing their future financially.
The main issue that many people in retirement face is the lack of income compared to the amount they were making while working. To help with this issue Nazaire & Co. recommends saving towards retirement at a young age. Setting a goal and gradually building toward it over time is key to being financially stable post-retirement.
For those that work at an establishment with a traditional pension plan, Nazaire & Co.tax preparation services encourages learning its ins and outs and how to qualify. In addition to its benefits, it is also important to know what occurs when changing professions and how this affects the money already saved. Another piece of information to inquire about is if the pension’s benefits apply to spouses and children.
Most jobs offer 401k retirement plans that Nazaire & Co. strongly encourages employees to invest in. Not only are the savings automatically deducted from the employee’s paycheck, eliminating the need for action, but the amount being saved is also matched by the employer. In addition to this, the money stored in a 401k is also tax-deferred until it is withdrawn, allowing the employee to accumulate more in the process.
Along with pensions and 401k plans, workers should establish their own IRAs (individual retirement accounts). These accounts allow those under the age of 50 to store up to $5,500 per year. Contrary to a 401k plan, IRAs are subject to taxation during their life span, dependent on various factors and the type of account established.
The last step in preparing for retirement is learning about social security benefits. By visiting the social security administration website, workers can estimate how much they will receive per month when it’s time for retirement. It should be noted that on average, social security alone is not enough to support the living expenses for someone post-retirement, enforcing the need to explore other alternatives.
Nazaire & Co. is a full service Accounting & Consulting firm geared toward the needs of small to medium size businesses and individual clients. Integrity, innovation, industry expertise, and an on-going commitment to quality are the core values that guide us in our business.