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Roth or Traditional IRA? - Parsec Financial

IRA Contribution Rules

The maximum contribution for 2023 individual retirement account contributions is $6,500 ($7,500 if aged 50 and over). There are income limits that determine whether you can deduct your Traditional IRA contribution or if you qualify to make a Roth IRA contribution.

Portfolio Spending Illustration

This illustration shows a 5% spending from a portfolio of large US companies as illustrated by the S&P 500 index. The analysis assumes you spend 5% of the prior year-end balance, which starts at $1 million in 1970. This timeline includes a decade of weak market returns in the 1970s and then a historically bad decade of returns in the 2000s. Even with these tough market environments the balance ended 2022 at $1.5 million and produced portfolio spending of close to $3.8 million.

Parsec certainly doesn’t recommend an all-equity approach for all of its clients, but it has long been Parsec’s philosophy that an investor with a long time horizon needs to have a majority of their assets invested in a globally diversified stock allocation.

Source: Duff & Phelps, LLC. 2022 SBBI® Yearbook. Illustration assumes annual spending was taken at the beginning of the year. Past performance is no guarantee of future results. All figures take into account inflation. Updated: Dec. 2022

Small-Business Succession Planning Guide

It is easy for a business owner to view the value of his or her business subjectively close to the point of sale because of the owner’s interconnected feelings and experiences with the business. This close association can breed significant biases within the owner, which may affect negotiations to sell the business. The valuation, terms of the transaction, employees and ongoing reputation of the business are some of the areas where a biased seller can struggle with letting go and entering a new phase of being a former owner.

Retirement Income: A Closer Look

Earned income stops for everyone at some point, and people then need to navigate the transition from saving for retirement to spending from their investment portfolio.

When Should You Take Social Security?

The ages between 62 and 70 are a critical time for determining how and when to take Social Security benefits. There are many options when it comes to this program, and which option is best for you will depend on your specific situation.

How Social Security Fits Into Your Retirement Plan

Social Security is a critically important part of your overall financial and retirement plan that will be around for generations to come. The decision to claim or delay benefits should be carefully considered.

Three Small-Business Transfer Strategies

Throughout my career at Parsec, I have had the opportunity to join our founder, Bart Boyer, at several client appreciation dinners. During these events, Bart would famously review the current economic environment and discuss how to build long-term generational wealth. Without fail, he always reminded clients that “there are only two ways to build wealth:

Pay Off Debt? Or, Save for Retirement?

According to the Federal Reserve, 35-year-olds have an average student loan debt of $42,600. The increase in college costs and the rising importance of a post-secondary education for improving income are a big part of this. Many surveys conducted in recent years have discovered that Millennials share a resistance to debt, no doubt influenced by coming of age during the dot-com crash of 2001 and housing crisis of 2008. Given this, it’s no wonder we often see that younger people want to pay off debt before they save for retirement.

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