Kelley & Mullis Financial Updates

How a 401(k) plan (which may be employer-matched), could help you prepare for a comfortable retirement.

There can be a lot of confusing numbers floating around when you try to invest: 529s, 401(k)s and 403(b)s. But your goal to retire in comfort is probably very clear. General George S. Patton once said, “I always believe in being prepared,” and while he may not have been talking about retirement specifically, his objective transfers well.

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College costs can be more than a little painful, but with the proper financial planning, you could be whistling your child’s college fight song all the way to the bank.

Although federal and state financial aid for college students have decreased, published in-state tuition costs and fees at public four-year institutions increased 2.2 percent per year beyond inflation over the last 10 years, according to the College Board, a nonprofit representing colleges and universities.

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Michael Mullis, managing partner and wealth manager for Kelley & Mullis Wealth Management, was recognized as one of Barron’s 2021 ‘America’s Top 1,200 Financial Advisors’ for the seventh consecutive year and ranked one placement up from 2020’s ranking to number 7 among the ‘Top 10 Financial Advisors in Alabama.’

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As the first wave of the baby boomer generation begins to enter retirement, the focus on a comprehensive retirement plan has never been more prevalent. Most financial professionals agree that a comprehensive retirement plan should include some sort of employer-sponsored retirement plan, such as a pension plan or a 401(k). But it should also include your own personal savings plan, such as an Individual Retirement Account (IRA).

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Before you can choose a successor, you need to know what your business needs to succeed after your departure.

Entrepreneurs often spend so much time building their business, they give little thought to how they’ll leave it and often get blindsided by the amount of time it takes to create and execute an effective succession plan.

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Many pre-retirees are concerned that their nest eggs won’t be large enough to maintain a comfortable retirement. A recent study by the Transamerica Center for Retirement Studies reported 48 percent of workers surveyed listed outliving their money as one of their top fears about retirement, while 40 percent answered not meeting the basic financial needs of their family during retirement as their biggest concern.

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People generally expect financial professionals to focus on the fiscal side of their clients’ retirement plans. Without a doubt, ensuring clients have adequate savings to continue living comfortably is extremely important, and advisors do their best to help clients attain this security. But a deeper knowledge and understanding of the people they serve can help them provide an even higher level of service.

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Too many choices can be as frustrating as too few. A financial professional can help you find the right retirement plan for your small business.

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Are you sacrificing your retirement for today’s lifestyle? If you are living paycheck to paycheck or if you are putting yourself further into debt to live a lifestyle beyond your means, your retirement may be at risk.

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Most comprehensive retirement plans include some sort of employer-sponsored retirement plan such as a pension plan or a 401(k), especially if you can get an employee match. But your retirement strategy should also include your own personal savings plan such as an Individual Retirement Account (IRA). While you may feel retirement is still decades away for you, you should be saving for the inevitable today by using tax-advantaged accounts.

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