What type of #money do you have? How much will you need in #retirement? Create your #legacy now. #peaceofmind

There are four types of money. What type of #money are you getting, earning, and inheriting? As always, we recommend that you contact your advisor for advisement on your particular situation.

Free Money: Best way to explain Free Money is by example. Although this example is not as popular as it once was, the best example is 401k matched-contributions. If your company still offers these contributions...maximize the match!

Tax Free Money: Examples include Roth IRAs and Permanent Life Insurance.  A Roth IRA is ideal for many clients. Caps are subject to age and how much a client makes a year will determine if they can start an Roth IRA. A strategy used commonly is funding a personal Universal Life insurance policy and may minimize the tax responsibility. 

Tax Deferred Money: 401k's, IRAs, Qualified Retirement Plans, & Deferred Compensation Plans. While there are restrictions and penalties on early withdrawals before 59 1/2 years of age. Contributions are pre-taxed and growth is tax-deferred, withdrawals are at a client's tax rate at the time of withdrawal. 

Taxable Money: While paying with after-taxed dollars for CDs, Mutual Funds, Stocks, you are also being taxed on the gain or income.  

There are strategies to help our clients build generational wealth utilizing wealth-building strategies, and to leave a legacy. It is never too late to prepare for the financial future and your #retirement. We can help. Reach out at (502) 337.5732 or (385) 789.4712.