Wealth is a mindset that combines the material and spiritual — rooted in knowledge, wisdom and trust
by John Tetzloff
Advanced Case Specialist
A favorite part of my job is anytime I get to meet with people one-on-one to lay the groundwork for a safe and secure financial future. These meetings are usually to either review their current plans or to assist them in creating a solid estate and retirement plan from the ground up.
The process involves gathering pertinent information, analyzing that information, and then presenting solutions, options and directions to build the plan. I find that typically, the two areas people are most interested in during this process are estate planning (what happens to my stuff when I die) and their retirement plan. I thought it would be beneficial to share a couple of my most frequent questions, starting with “Am I going to have enough money for retirement?” That’s a real favorite!
Am I going to have enough income at retirement? Here are three things to consider:
Is the plan a defined benefit plan (pension) or a defined contribution plan (401(k))?
The amount of contributions, risk factors and time to retirement all factor in to the calculation of whether or not there will be enough retirement income.
If a person has a pension plan, understanding the payout options is crucial prior to the retirement date. If you’re married, a pension plan requires an election prior to retirement as to whether your surviving spouse would receive part of the pension at your death. A lot of factors come into play on this decision.
Talk to your local Catholic United representative for assistance with these factors and, of course, help with the big question about retirement income. We can help you answer this question with a resounding “Yes!”
Catholic United Financial and John Tetzloff are not permitted to give tax or legal advice. The information given is based on our understanding and interpretation of laws and regulations currently in effect. You may wish to consult your personal tax or legal advisor with questions about your specific situation.