Financial independence is a goal for many business owners, professionals and active employees. A few achieve this goal early in their career, while others target age 65 or later. Currently, the Social Security Normal Retirement Age is age 67 for those born in or after 1960. Aging boomers with increased life expectancy are causing a significant burden on the Social Security system. It is almost a certainty that the federal government will increase the normal retirement age, reduce Social Security benefits, increase employee payroll taxes, or all three. For most, relying on Social Security benefits will not be adequate for funding retirement needs.

Consequently, it is important to assume personal responsibility for creating wealth to attain financial independence at the desired age. Howell’ licensed and experienced financial planners assist clients in developing financial goals and guide them in determining whether or not their current level of savings and investments are sufficient to reach those goals. All viable solutions and recommendations are investigated to achieve those goals. Client recommendations reflect factors such as taxation, inflation, hypothetical investment returns and life expectancy.

For professional consultation, contact Bryan Boyle.

IRAs

Individual Retirement Accounts (IRAs) allow taxpayers to contribute a certain amount of earnings per year to a tax favored account. Additionally, many employees who terminate employment have company sponsored accounts, such as 401(k) Plans that can be rolled over on a tax favored basis to an IRA. In addition, others may have inherited proceeds from 401(k) Plans or IRAs.

Various types of investment vehicles or savings vehicles can be used to fund an IRA. In order to receive this favored tax treatment, the taxpayer must agree to adhere to certain rules. The rules associated with rollovers, withdrawals or distributions are complex and often times confusing. Poor decision making can lead to severe financial consequences for taxpayers or beneficiaries. Howell assists clients in understanding these rules and offers recommendations for compliance.

For professional consultation, contact Bryan Boyle.

The aforementioned material is a product and service listing and is not intended to be an offer for the sale of securities.

Bryan Boyle is a Registered Representative and offers securities through Cambridge Investment Research, Inc. and an Investment Advisor Representative offering advisory services through Cambridge Investment Research Advisors, Inc.

Registered Representative, Securities offered through Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA/SIPC to residents of DE, MD, NJ, NY, PA, and TN. Investment Advisor Representative, Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Cambridge and Howell are not affiliated.