Retirement Planning Services Dallas, TX | Annuity, 401(k)

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Annuity - Annuities provide tax-deferred growth potential like qualified retirement plans, but contributions are not tax-deductible. Annuity contracts can be used to supplement your employer-provided retirement plans.

401(k) - By far the most common employer-sponsored retirement plan is the 401(k) plan. The 401(k) plan is a defined contribution plan. It allows employees to make pre-tax contributions, and the funds contributed plus any earnings accumulate tax deferred.

General information about meeting with a financial planner for retirement planning:

CONCEPT INTERVIEW:

The first step is to get together and discuss your situation in detail with the right Dallas financial planner, to help ensure that your financial profile fits with their expertise. There should be no financial obligation at this meeting, which usually takes about one-hour. You will want to bring a net worth statement or balance sheet and two-years worth of tax returns.

ENGAGEMENT PROPOSAL/FACT FINDING:

In the second meeting you will usually review an "Engagement Proposal" which outlines the work you will do together over the next 12 months with your chosen Dallas financial planner. Most importantly, they will gather the necessary data to help ensure a thorough understanding of your situation. Their goal in this meeting should be to step into your financial shoes so they can begin to understand your thought processes. This becomes the basis for the creation of a financial model, which is used to evaluate your current financial situation. It will show your current asset allocation, your net worth, the direction and rate of its change, your cash flow, income and estate tax liability and other items. In addition, they will usually review your wills, trusts, life and disability insurance, investments and tax returns. This is also the time to discuss your goals, views, attitudes and concerns. Financial planners should not offer legal or tax advice.

PLAN DESIGN:

Step three consists of identifying problems that are present in your current planning. This is basically a process of reconciling the likely outcome based upon your current arrangements, with your desired outcome (objectives) summarized in "Step 2." It is in this third step that the full benefit of the planning process begins to become apparent. Issues that you never thought of and problems that you never realized existed will be identified - simply because your financial picture was never so completely developed, and your objectives never so clearly and completely stated.

PRESENTATION:

Step four entails the development of recommendations - specific strategies for implementation. Equipped with the pro's and con's of each alternative, and an economic model to determine their impact, you will be in the best position to determine which strategies are right for you. The key is to objectively allow "no stone to remain unturned," so that you know you are making the best possible solution for your situation. All of their recommendations should be made in writing in a logical progression of: Objectives, Observations, and Recommendations.

IMPLEMENTATION:

The fifth step is implementation. This is where you work with your advisor to help ensure the strategies you decided to move ahead with are implemented. Then, in addition, should you choose, they should be working on your behalf to evaluate various investment options and products to help ensure they are right for each of your plan strategies. Financial planners should be continually acting on your behalf as a "key to the marketplace", whether it is through coordinating tax and estate strategies or in the evaluation of specific financial products, to help minimize costs and maximize value.

REVIEW & SERVICE:

Step six is the ongoing review process. At the end of each year your Dallas financial planner should review where you have come to date and what needs to be done on an ongoing basis.

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