August 2023

WEALTH Accumulating and Caring for By Michael Mezzo, CPA, MBA, WilkinGuttenplan

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W hile navigating own personal retirement and estate planning, view it as a two pronged approach. The first item to tackle is ensuring that your assets are invested in accounts that suit your retirement needs. The next step is to create a path defined by legal documentation that will allow the distribu tion of your estate to go off without a hitch! STEP 1: Understanding Retirement Savings Accounts The first thing to tackle while planning for your estate is ensuring you have sufficient assets to distribute. Planning for

this should happen well in advance of your retirement. It should begin on the first day of your working career! Most employers will offer some investment vehicle to ensure you save for your retirement throughout your career. Some of the more common retirement plans are included below: 401k: This is one of the most common investment options individuals use to save for retirement. Employers offer 401k plans and allow employees to contribute a portion of their wages directly into a retirement savings account. Many employers will also also have a “matching benefit” to match the employee’s contribution. The matching contri bution is usually capped at a specific dollar value or per

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AUGUST 2023