Tax & Retirement Planning Services

The definition of retirement is different today than it was for our parents and grandparents. If you’re like most people today, you didn’t work for the same company for 40-plus years and then comfortably retire with a guaranteed pension and health insurance.

Instead, you probably have to rely on your own personal savings in tax-advantaged accounts like IRAs and 401(k)s to accumulate your retirement nest egg, along with Social Security benefits. This requires careful planning, financial discipline and skillful investing over many years in order to save enough money to last for what could be a retirement of 20 to 30 years or longer.

The financial and tax professionals at O’Brien and Panchuk can help you with your individual retirement planning by analyzing the big picture when it comes to your retirement plan and suggesting the best strategies based on your specific situation.

Together, we will examine your current financial situation, retirement goals and expectations, and the number of years until you plan to retire. Based on this, we will devise a retirement plan designed to increase your chances of achieving a financially secure retirement so you can truly enjoy your golden years.

If you’re already in retirement, meanwhile, we can help you plan distribution strategies to minimize taxes, including ensuring that you take required minimum distributions (RMDs) from retirement plans to avoid costly tax penalties.

If you have accumulated retirement assets in one or more employer-sponsored retirement plans, such as 401(k) accounts, you may want to move them into a rollover IRA in order to avoid tax penalties and preserve the benefits of tax deferral. This can be especially beneficial if you have several retirement plan accounts at former employers, since it will enable you to consolidate these assets into a single account for easier administration and monitoring.

IRA rollovers can be accomplished in three easy steps:

1. Open a new rollover IRA.
2. Move your money into the rollover IRA from your former employer’s plan.

3. Select your investments for the new rollover IRA.

Typically, no tax will be due when a direct rollover is performed and assets are moved directly from your employer-sponsored plan to your rollover IRA via a trustee-to-trustee transfer.

It’s usually beneficial to work with a CPA who is experienced in retirement planning and accounting strategies when performing IRA rollovers. The professionals at O’Brien and Panchuk have helped countless individuals successfully perform IRA rollovers and thus keep their retirement savings working for them in the most tax-advantaged way.