Many people face the challenge of retiring comfortably. Saving for retirement can be hard if you are living from paycheck to paycheck and especially when you are living in a city like Los Angeles.
Poor access to workplace retirement plans
Saving for retirement is hard enough for most people but in Los Angeles, California, it’s even harder. Most workers in LA don’t have a workplace retirement plan. This also means many LA residents are paying more income taxes because they don’t get valuable tax deductions they would have obtained otherwise on retirement plan contributions.
High cost of living
Living in LA is expensive. The higher your cost of living, the more challenging it becomes to save enough money for financial independence after retirement.
Cost of living in style
In addition to the basic cost of living in LA, the pressure to live in style stretches the budget even further. This gets worse in fancier places, like West Hollywood and Beverly Hills.
Self-employed or working at a small business?
If you are self-employed or a small business owner, you have to figure out your own retirement plans. The good news is you have various options to save and get the potentially huge tax benefits that come with larger contributions, for example, SEP IRA’s, Solo 401(K)’s and Defined Benefit plans. If you are looking for a tax efficient retirement income planning or retirement income solutions in Los Angeles, CA, check out Tax Free Retirement Specialists or call 442-400-3522. Tax Advantaged Retirement Specialists help you reduce your taxes during retirement, and create tax-advantaged income from ROTH IRA’s and Life Insurance with IRS compliant strategies.
Tax Free Retirement Specialists 