308 Noonan Drive, Pacific, MO 63069

Retirement Income Planning Strategies

NEC Insurance’s retirement plan consultants are your source for planning strategies.

Prepare for the Future With Retirement Plan Consultants

When it comes to retirement, everyone has different ideals. But no matter your goal, the key to achieving it is planning. Retirement income planning is critical—but it’s an often overlooked part of creating a retirement plan. From understanding the different types of 401k plans to considering supplemental retirement plans, many options are available to ensure a secure financial future.

NEC Insurance understands the ins and outs of a successful retirement plan. Our agents work with Missourians to uncover their short- and long-term financial goals and develop a strategy to achieve them. We highlight ways to maximize tax deductions and ensure you have everything you need for a stress-free retirement.

Successful retirement income planning involves creating and implementing plans to ensure you have enough income to live comfortably. Our team evaluates your savings, investments, and financial assets to determine how much you can safely withdraw each year without running out of money before your estimated life expectancy. We also help you plan for potential tax implications to minimize them and consider long-term care costs and other expenses that may arise during retirement.

The Benefits of a Well-Structured Retirement Income Plan

Having a retirement income plan in place gives you peace of mind that your finances are taken care of for the future. When you partner with NEC Insurance to analyze your current financial situation and create a plan based on your goals, you can ensure that you’re saving enough for retirement while still allowing yourself to enjoy the present moment.

A retirement income plan also helps you stay on track with investments and savings by providing an easy-to-follow roadmap that details the steps needed to reach specific goals. Our agents are qualified to help you create and implement an actionable plan that sets the stage for your twilight years. Successful retirement planning involves more than savings accounts and tax preparation strategies. Our full suite of insurance services includes:

Find the Right Supplemental Retirement Plan for Your Budget

NEC Insurance supports your search for a comprehensive retirement account with our resources. We apply our knowledge to outline a cost-effective approach to retirement planning, whether you need a 401(k) or a new program to supplement your contributions to the plan.

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Types of 401(k) Plans and Retirement Accounts We Offer

Whether you’re just beginning to think about retirement planning or you’ve been researching for years, it’s essential to understand the different types of 401(k) plans available. Choosing the right plan can provide tax benefits and help maximize your retirement income. While all retirement income plans have advantages and disadvantages, exploring your options and gaining insight into what programs would work best for your situation is vital.

The NEC Insurance team ensures you get the most out of your retirement savings. As retirement plan consultants, we guide you through the process and discover which type of 401(k) plan is right for you. We give you an in-depth look at 401(k) plans and other strategies to empower you to make informed decisions about your future.

Our retirement plans include:

  • Traditional 401(k) Plans

    Traditional 401(k) plans are the most well-known type of retirement savings account, and for a good reason. This plan allows you to make pre-tax contributions to your account, which can then be used as a tax deduction.

    Additionally, any money you save grows tax-deferred until you withdraw it in retirement. That means you won’t have to pay taxes on the money when you take it out of your account. The downside is that these accounts limit how much money you can contribute each year, and penalties may apply if you withdraw from it before reaching the age of 59 ½.

  • Roth 401(k) Plans

    Roth 401(k) plans operate differently than traditional ones in that they are funded with after-tax dollars instead of pre-tax dollars. Although you don’t get an immediate tax break for contributing to this type of account, your earnings are tax-free when withdrawn in retirement.

    Roth accounts have higher contribution limits than traditional plans and don’t come with early withdrawal penalties. However, this could also work against savers who don’t need their funds during retirement and would prefer the tax break offered by traditional plans. If you’re unsure whether a Roth 401(k) is a fit for you, the consultants at NEC Insurance can work with you to evaluate your options and determine the best approach for your particular situation.

  • Separately Managed Accounts (SMAs)

    SMAs offer investors more control over their investments than traditional or Roth 401(k) accounts. These accounts allow individuals to invest in specific stocks or mutual funds while taking advantage of the potential tax benefits offered by other retirement savings accounts. The downside is that these plans require larger minimum investments and may charge higher fees than other retirement accounts.

  • Self-Directed Brokerage Accounts (SDBAs)

    SDBAs provide a more hands-on investment approach since you can decide which stocks and funds to invest in without relying on a third-party financial advisor or institution for guidance. However, this type of account also carries greater risks due to its lack of diversification and sometimes high costs associated with trading individual securities and funds.

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