Retirement Planning

Saving for retirement is an essential part of financial planning. It can help you ensure a secure future by building a nest egg to rely on during your retirement years.

Summit Financial Retirement Planning Services

At Summit Financial Services, a Maryland retirement planning advisor, we understand the importance of retirement savings and offer a variety of retirement planning services to help you achieve your financial goals. No matter if you’re just starting to save for retirement or want help expanding your existing retirement funds, the financial experts at Summit Financial are here to help. Our retirement planning services include the following:

Retirement Savings Accounts

We offer a variety of retirement savings accounts, including traditional and Roth IRAs, 401(k) plans, and SEP IRAs. These accounts offer tax benefits and can help you save money for retirement. We can help you determine which type of retirement account is best for your needs.

Retirement Income Planning

Retirement income planning is the process of developing a plan for generating enough guaranteed income for as long as you have breath in your body.  We start by understanding your objectives and priorities, while uncovering potential obstacles along the way.  We evaluate your retirement income sources, including Social Security benefits, pension plans, retirement savings accounts, investment accounts and real estate holdings and develop a plan for withdrawing funds in the most efficient order.

Investment Management

Investment management is the process of making smart choices about how to invest money wisely in order to build wealth, increase leverage through collateralization and achieve the best financial goals and outcomes.  Our process involves analyzing different investment options, understanding risks, and creating a plan to maximize returns while managing potential losses.

Retirement Planning Workshops

We offer retirement planning workshops that can help you learn about retirement planning and how to save for retirement. Our workshops cover a variety of topics, such as retirement savings options, social security optimization, and retirement income planning. Our workshops are led by experienced retirement planning professionals who can guide you throughout planning for retirement and answer any questions you may have.

Estate Planning

Estate planning is the process of planning for the distribution of your assets and your belongings after you pass away. We offer estate planning services that can help you ensure that your assets are distributed according to your wishes and that your loved ones are taken care of.  While we are not attorneys and do not draft legal documents, we do help families identify what they need and when/if necessary, refer them to an esteemed estate planning attorney.  A proper estate plan should include a balance of legal and financial documents and services to protect what you have built a lifetime to create.  It is important to have the right amount of professionals on your side.  

The Importance of Saving for Retirement

Retirement is a phase in life when people typically stop working and rely on their savings to maintain their lifestyle. Retirement can last for many years, which means that it's important to have enough money saved up to cover your expenses and keep pace with inflation. Unfortunately, many people don't save enough for retirement, which can result in financial struggles later in life. By saving for retirement, you can help ensure that you have enough money to live comfortably and enjoy your retirement years.

The Importance of Starting Early

One of the best things you can do for your retirement is to start saving early. The earlier you start saving and investing, the more time your money has to grow. This means that even small contributions can add up over time. Additionally, starting early means that you can take advantage of compounding interest. Compounding interest is the interest earned on both the principal amount and the interest that has accumulated on that principal amount. Over time, compound interest can significantly increase the value of your retirement savings.

Challenges of Retirement Planning

Retirement planning can be challenging for a number of reasons. One of the biggest challenges is knowing how much money you'll need in retirement. This can be difficult to estimate because it depends on a variety of factors, such as your lifestyle, health, and the cost of living in your area. Additionally, there are many retirement savings options available, which can make it difficult to select the right one for your needs.

Another challenge of retirement planning is keeping up with changes in the economy and financial markets, which can impact the value of your retirement savings. It’s important to have a retirement plan that takes these changes into account and adjusts your investment strategy accordingly.