Retirement Planning
At Sols Point Capital our broad range of retirement products and services can help you achieve a comfortable retirement.
Realize your financial goals
Whether retirement is a lifetime away or right around the corner, we’re here to help you determine where you should be on the road toward reaching your retirement goals.
There are many different ways to think about retirement, and your dreams may not appear on anyone’s bucket list but your own. No matter how you envision retirement, having the freedom to live life your way will depend, at least in part, on having a secure source of reliable income.
Let us help you plan for your future
Obviously, the earlier you start saving, the more flexibility and freedom you’ll have to choose the when, how and where of retirement. If you’re a business owner, our financial professional can show you how to take advantage of retirement strategies to help maximize your retirement savings while offering plans that are designed to reward and retain top talent. And even if you’ve already retired, our financial professional can help to ensure that your savings continue to work for you.
Retirement Planning
Individual Retirement Account (IRA)
Tax Advantage | Investment Flexibility
An IRA is a tax-deferred personal savings account that allows you to save for retirement without a company-sponsored plan. Throughout your lifetime, you can make tax-deductible “contributions” (subject to limitations) to your IRA, which you can then invest in basic securities such as stocks and bonds. For 2025, the annual amount you can contribute to an IRA is the lesser of 100% of earned compensation or $7,000, $8,000 if you are age 50 or older (as of December 31 of the tax year to which the contribution relates),
With a traditional IRA—the most common type of IRA—income taxes are deferred until you withdraw them, so you don’t pay annual federal (and, in many cases, state) income taxes on your earnings. At age 59 ½, you can make taxable withdrawals from the account called distributions for your retirement. If you choose to take distributions before you turn 59 ½ years old, the government imposes a premature distribution penalty of 10% on your withdrawal. Additionally, when you turn 72 years old, you are required to take distributions by April 1 of the following calendar year.
ROTH IRA Account
Tax Advantage | Non Tax Deductible
Unlike the traditional IRA, contributions to the Roth IRA are considered “after-tax” and therefore not deductible, but you can generally take distributions from the Roth IRA tax-free. The maximum annual contribution to the Roth IRA for 2025 is $7,000, $8,000, for individuals age 50 and older (as of December 31 of the tax year to which the contribution relates).
The Roth IRA became an option after the Taxpayer Relief Act of 1997, and allows for investors filing single on their taxes with a modified adjusted gross income in 2025 of less than $150,000 or married couples filing jointly with a combined adjusted gross income of less than $236,000 annually, to make limited, annual contributions toward retirement. There is no mandatory age at which you are required to take distributions from the Roth IRA, and there is no premature distribution penalty for amounts you withdraw from the principal, subject to certain requirements
Immediate Annuities
An immediate annuity is usually purchased with a single premium and begins a stream of income within the first 12 months from the date of issue. You decide when payments will begin within that period and how long to receive income. There are two types of immediate annuities: fixed and variable.
Immediate Fixed Annuity
An immediate fixed annuity provides a guaranteed and predictable stream of income during the payout period.
Immediate Fixed and Variable Annuity
An immediate fixed and variable annuity provides a guaranteed stream of income. The variable income payments fluctuate based on the performance of the variable investment choices selected. A fixed account is also usually offered as an investment choice within this type of contract.
Income options
An income annuity can help fund necessary expenses in retirement, like food, medical, and housing.
Deferred Annuities
A deferred annuity is specifically designed to help accumulate assets for retirement. It also offers the ability to turn those assets into a guaranteed stream of income at some point in the future. You decide when payments begin and how long to receive income. There are basically two types of deferred annuities: fixed and variable.
Deferred Fixed Annuity
A deferred fixed annuity earns interest during the contract's accumulation period. The interest rates are set by the issuing company and are guaranteed not to be lower than the minimum guaranteed interest rate shown in the contract. A contract's accumulated assets can be converted into a guaranteed stream of income for the future.
Deferred Variable Annuity
A deferred variable annuity offers variable investment choices (and usually a fixed account) in which the contract owner can invest. During the accumulation period, the investment return and value of the annuity will fluctuate in accordance with the investments selected. A contract's accumulated assets can be converted into a guaranteed stream of income for the future.
Whole Life Insurance
Permanent life insurance provides you with financial protection for your entire life, as long as the policy remains in force. Because of the flexibility permanent life insurance offers, there are several types of policies you can purchase.
The benefits of whole life insurance include guaranteed fixed premiums, a guaranteed death benefit and guaranteed cash value growth. This means that with whole life insurance, your premiums never increase as long as they’re paid, and the policy has “living benefits”, which may enable you to access the cash value of the policy for any purpose while you’re alive.1 One thing to keep in mind when taking a distribution from a whole life insurance policy is that accessing the policy’s cash values will reduce the policy’s cash value and death benefit and increase the chance the policy will lapse.
1 Distributions under the policy (including cash dividends and partial/full surrenders) are not subject to taxation up to the amount paid into the policy (cost basis). If the policy is a Modified Endowment Contract, policy loans and/or distributions are taxable to the extent of gain and are subject to a 10 percent tax penalty if the policyowner is under age 59½. Access to cash values through borrowing or partial surrenders will reduce the policy’s cash value and death benefit, increase the chance the policy will lapse, and may result in a tax liability if the policy terminates before the death of the insured.