Plan For A Secure Retirement With Expert David Giertz
Creating an effective and secure retirement plan can be a daunting task. For many, it requires a significant amount of organization in a field they don’t have much knowledge in besides incremental saving they have done over the years. Thankfully, David Giertz has an extensive amount of knowledge and reliable strategies that allow anybody to plan for a stable retirement.
The first step, Giertz recommends, to figuring out a reliable plan is understanding when exactly you would like to retire. Because most financial advisors recommend you save at least ten times your annual income by the time you turn 60 (if you are planning to retire by 65), this means that the sooner you want to retire will mean you have to save up exponentially more money before that time (i.e. 33 times your annual income if you plan to retire at 55).
After deciding the specific age and amount of money you are going to save up before your retirement, it is important to choose the most effective plan for your agenda. Roth IRA is most beneficial for early retirements, allowing clients to withdraw before age 59 ½ without penalties, only withdrawal fees. The only downside is that Roth IRA plans are only for people with an annual income of less than $118,000—if you earn more than this amount, it is best to plan for a traditional IRA or 401(k) plan.
If you decide to retire early on a 401(k), 403(b), or an IRA plan, it is also best to use the 72(t) rule, otherwise known as the Substantially Equal Periodic Payments (SEPP) rule. The 72(t) rule allows you to make early withdrawals provided the amounts are equal for at least 5 years or stay consistent until you turn 59 ½. Deviating this draws penalties, but consistency is rewarded.
David Giertz also says to top off your financially secure planning, it is best to pair your plan with a brokerage account to avoid limitations in withdrawals while maintaining access to currencies and various markets that allow you to invest your money effectively.
David Giertz is an established financial advisor in a variety of fields, also having experience as a business coach. He melds unique, effective ideas to a variety of situations, helping clients with planning effectively for any situation.
He currently serves as President of Nationwide Financial Distributors Inc. and holds a Bachelor’s degree in Science from Millikin University and an MBA from the University of Miami.
Find out more about David Giertz: https://patch.com/ohio/cincinnati/learning-meaningful-retirement-planning-industry-expert-david-giertz