It’s never too late to start saving for retirement. Even if you are over 55 and haven’t started planning, there are still ways to ensure your golden years are comfortable and secure. AFI Insurance explains some of the best strategies available to people in Denver, CO to jumpstart their retirement savings.
Traditional IRA vs. Roth IRA
One of the most important things you need to decide regarding retirement planning is which type of account you should open—a traditional IRA or a Roth IRA. Both have advantages and disadvantages, so it’s important to carefully consider your options before deciding.
A traditional IRA offers tax-deferred growth on contributions made throughout your working life. Any money you contribute will not be subject to taxes until you withdraw from the account during retirement. A Roth IRA offers no immediate tax benefits but allows withdrawals during retirement without paying any taxes.
Maximizing Your Contributions
Once you have chosen an account type, it’s time to start contributing as much as possible each month while still being able to cover monthly living expenses such as rent or mortgage payments, utilities, food costs, etc. Whether you choose a traditional or Roth IRA will affect how much money you can put away each month; however, both types offer favorable contribution limits that allow for plenty of financial flexibility over time.
Get Started Today
At AFI Insurance in Denver, CO, our dedicated agents can help you find the perfect retirement plan that fits your needs and goals. We specialize in helping individuals over 50 prepare for their future by offering advice on investments and insurance products designed specifically for those nearing retirement age.
Businesses have unique needs and are often at unique levels of risk. Insurance services from AFI Insurance serving Denver, CO, and the surrounding areas can help to offset these risks. Keep reading to learn more about specialty insurance and how it can help small business owners like you.
What Is Specialty Insurance Coverage?
Specialty insurance policies are specially designed for business owners needing unique coverage. This might include coverage for high-risk holdings. If businesses deal with unusual objects or products that do not usually fall under a standard insurance policy, a specialty policy could help. This might include weapons, antiques, or other items uniquely valued.
Who Should Purchase Specialty Insurance?
If you are a business owner serving high-risk clients, you will want to consider specialty insurance. An example would be a skydiving company. Any company actively providing high-risk experiences for clients will be at an increased risk of liability for those clients.
Construction contractors are another type of business that may want to consider specialty insurance. Unfortunately, builders often get sued when things do not go as planned. Having this type of coverage in place could help to protect your business from financial hardship.
You can talk with an insurance expert to learn about specialty insurance categories to find the right policy.
Will Specialty Insurance Protect From Lawsuits?
The risk factor is that a client or customer will sue the business and that the expenses of that legal action will negatively affect the business. Specialty insurance can protect you from paying the costs that might arise from a lawsuit.
If you would like to learn about specialty insurance, please get in touch with AFI Insurance serving Denver, CO, and the surrounding areas. We will happily answer your questions and help you find the right policy.