The amount you need to save for retirement depends on several factors including your desired lifestyle, current age, retirement age, life expectancy, and expected expenses. A common rule of thumb is to aim for 70-80% of your pre-retirement income annually. We recommend scheduling a personalized consultation to create a detailed retirement savings plan tailored to your specific goals and circumstances.

Both annuities and IRAs serve different purposes in retirement planning. IRAs are tax-advantaged retirement savings accounts that offer flexibility in investment choices, while annuities provide guaranteed income streams. The best choice depends on your financial goals, risk tolerance, and retirement timeline. Many clients benefit from a combination of both strategies to balance growth potential with income security.

Yes, you can purchase an annuity within an IRA, which is known as a qualified annuity. This strategy allows you to combine the tax advantages of an IRA with the guaranteed income benefits of an annuity. However, it's important to carefully consider the fees, surrender periods, and whether the annuity features align with your retirement goals before making this decision.

Your retirement investment strategy should be based on your age, risk tolerance, retirement timeline, and financial goals. Generally, younger investors can afford more aggressive growth-oriented investments, while those closer to retirement should focus on capital preservation and income generation. We recommend a diversified portfolio that balances stocks, bonds, and other assets appropriate for your situation.

Self-employed individuals have several excellent retirement planning options including SEP IRAs, Solo 401(k)s, and SIMPLE IRAs. These plans often allow higher contribution limits than traditional IRAs. The best choice depends on your income, whether you have employees, and your retirement goals. We can help you select and set up the most tax-efficient retirement plan for your business.

You can begin taking Social Security as early as age 62, but your monthly benefit will be reduced. Waiting until your full retirement age (66-67 depending on birth year) or even age 70 can significantly increase your monthly payments. The optimal claiming strategy depends on your health, financial needs, life expectancy, and whether you're married. We provide detailed Social Security optimization analysis as part of our retirement planning services.

Traditional IRAs offer tax-deductible contributions with tax-deferred growth, but withdrawals in retirement are taxed as ordinary income. Roth IRAs are funded with after-tax dollars, but qualified withdrawals in retirement are completely tax-free. The best choice depends on your current tax bracket, expected retirement tax bracket, and time until retirement. Many clients benefit from having both types of accounts.

Medicare eligibility typically begins at age 65. You have a 7-month initial enrollment period around your 65th birthday. Late enrollment can result in permanent penalties. Medicare has several parts: Part A (hospital insurance), Part B (medical insurance), Part C (Medicare Advantage), and Part D (prescription drug coverage). We offer comprehensive Medicare planning to help you choose the right coverage and avoid costly mistakes.

When changing jobs, you have several options for your 401(k): leave it with your former employer, roll it over to your new employer's plan, roll it into an IRA, or cash it out (not recommended due to taxes and penalties). Rolling over to an IRA often provides the most investment flexibility and consolidation. We can guide you through the rollover process to avoid taxes and penalties.

Protecting retirement savings from market volatility involves diversification, appropriate asset allocation for your age and risk tolerance, and potentially incorporating guaranteed income products like annuities. As you approach retirement, gradually shifting to more conservative investments can help preserve capital. We create customized risk management strategies to protect your retirement while still allowing for growth.

A fiduciary is legally required to act in your best interest at all times, putting your needs ahead of their own compensation. At Brick Retirement Group, we operate under fiduciary standards, ensuring that all recommendations are made solely based on what's best for your financial future. This provides you with an extra layer of protection and peace of mind.

Long-term care insurance can protect your retirement savings from the potentially devastating costs of extended care, which can exceed $100,000 annually. Whether you need it depends on your age, health, family history, assets, and income sources. Generally, it's most cost-effective to purchase in your 50s or early 60s. We can analyze your specific situation to determine if long-term care insurance makes sense for you.