Retirement Planning FAQs
Have you started saving for retirement yet? The earlier you start saving the better. If you aren't sure how you should get started, call Wilson Toellner CPA. We provide counseling and can answer questions you may have on retirement planning. Our CPAs at the Lake of the Ozarks are here to answer a few frequently asked questions on retirement planning.
Q: How can I estimate my retirement financial need?
A: There are several retirement calculators online that you can use to help you to know how much money you estimate how much money you will need when you retire. We can also take a look at your current retirement plan and advise you on how to strategically plan to where your taxes are as low as they can be.
Q: How will taxes impact my retirement funds?
A: Traditional IRAs and 401Ks are subject to federal income tax. In some states, they are subject to state tax as well. If you withdraw from a traditional IRA before it's time to retire, that withdrawal is subject to federal tax.
Q: Are there retirement options out there that will cover my health care?
A: According to https://www.healthcare.gov/retirees/:
"If you retire before you’re 65 and lose your job-based health plan when you do, you can use the Health Insurance Marketplace to buy a plan."
"Losing health coverage qualifies you for a Special Enrollment Period. This means you can enroll in a health plan even if it’s outside the annual Open Enrollment Period."
"When you fill out a Marketplace application, you'll find out if you qualify for a private plan with premium tax credits and lower out-of-pocket costs. This will depend on your income and household size."
"If you have retiree health benefits, you’re considered covered under the health care law. You don’t have to pay the penalty that people without insurance must pay."
Wilson Toellner, CPA was founded in 1988 by Alan Wilson and Ron Toellner. Ron and Alan envisioned a CPA firm that would be responsive to the needs of clients and the community. We believe in the successful implementation and periodic review of your financial plan will ensure financial independence during your working years and through your retirement years. We will work with you and help you come up with a retirement plan that works best for your needs. If you are needing a particular retirement product that we don't offer, we will refer you to someone we trust. For more information on the services, we offer that can help you with your financial planning efforts, visit our website at www.WTCPA.com or give us a call at one of our four conveniently located firms nearest to you.
Retirement Planning FAQs
Q: How can I estimate my retirement financial need?
A: There are several retirement calculators online that you can use to help you to know how much money you estimate how much money you will need when you retire. We can also take a look at your current retirement plan and advise you on how to strategically plan to where your taxes are as low as they can be.
Q: How will taxes impact my retirement funds?
A: Traditional IRAs and 401Ks are subject to federal income tax. In some states, they are subject to state tax as well. If you withdraw from a traditional IRA before it's time to retire, that withdrawal is subject to federal tax.
Q: Are there retirement options out there that will cover my health care?
A: According to https://www.healthcare.gov/retirees/:
"If you retire before you’re 65 and lose your job-based health plan when you do, you can use the Health Insurance Marketplace to buy a plan."
"Losing health coverage qualifies you for a Special Enrollment Period. This means you can enroll in a health plan even if it’s outside the annual Open Enrollment Period."
"When you fill out a Marketplace application, you'll find out if you qualify for a private plan with premium tax credits and lower out-of-pocket costs. This will depend on your income and household size."
"If you have retiree health benefits, you’re considered covered under the health care law. You don’t have to pay the penalty that people without insurance must pay."
Get Your Retirement Plan Reviewed By a Professional
Wilson Toellner, CPA was founded in 1988 by Alan Wilson and Ron Toellner. Ron and Alan envisioned a CPA firm that would be responsive to the needs of clients and the community. We believe in the successful implementation and periodic review of your financial plan will ensure financial independence during your working years and through your retirement years. We will work with you and help you come up with a retirement plan that works best for your needs. If you are needing a particular retirement product that we don't offer, we will refer you to someone we trust. For more information on the services, we offer that can help you with your financial planning efforts, visit our website at www.WTCPA.com or give us a call at one of our four conveniently located firms nearest to you.
For tax preparation services you can count on, call:
Sedalia -- (660) 827-4990
Marshall -- (660) 886-6815
Camdenton -- (573) 346-6822
Lake Ozark -- (573) 964-5739
Check out our website: www.WTCPA.com
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