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Saving for Retirement

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Types & Treatment of Tax Preferenced Accounts



Growth in the acccount

The government wants you to plan ahead and incentives it, are you taking full advantage?

Pre-tax or Tax Deductible



Health Savings Accounts (HSAs)

Traditional Retirement Accounts

Roth Retirement Accounts

529 Plans (College or ABLE)

Non-Qualified Annuities

How much do I need?

Expect to replace

70 - 85%

of your income in retirement

Retirement Planning

Types of Retirement Accounts

Pre-tax or tax-deductible contributions & tax-deferred growth.

After tax contribution

Tax-free growth & withdrawals







Roth 401(k)

Roth 403(B)

Roth 457


Traditional IRA

Roth IRA

Roth vs. Traditional IRA

Contribute up to $6,500 ($7,500 for 50 and older)

in 2023 combined annual contributions to Roth and traditional IRAs.

Roth IRA

Why choose a Roth IRA?

  • If you expect to be in a lower tax bracket now and a higher tax bracket in retirement.

  • If you need the flexibility to withdraw your contributions at any time without owing taxes or penalties.

  • At 59 ½ you can withdraw your contributions and gains completely tax free, if 5 years into it

Why you might avoid a Roth IRA?

  • Roth IRA contribution limits are reduced or eliminated at higher incomes.

Traditional IRA

Why choose a Traditional IRA?

  • If you expect to be in a higher tax bracket now and a lower tax bracket in retirement.

  • If you need the tax-break today.

Why you might avoid a Traditional IRA?

  • The amount you can deduct for contributions may be reduced or eliminated if you or your spouse is covered by a retirement plan at work.

  • There are Required Minimum Distributions

  • There is a 10% tax penalty for early withdrawals for non-qualified reasons. 

Employer-Sponsored Accounts

  • These are opened only by employers and their specifics vary

  • Try to contribute enough to get the max. match, at least, if offered.

  • You cannot contribute if you leave employer

  • “Rollover” with caution from your employer account into an IRA when you leave your employer.

  • Loans can have high penalties pre-59 ½ .

  • Penalties exceptions exist for education, home purchases, medical expenses, etc.

Employer Sponsered Retirement

If your employer doesn't offer a retirement program

  • You might be eligible for Oregon Saves


Oregon Saves

"Oregon employers are required to facilitate OregonSaves if they don’t offer an employer-sponsored retirement plan.

Saver's Tax Credit

The Saver’s Credit is a great way for low- and moderate-income people to save for retirement while also earning valuable tax credits.

The saver's tax credit is a non-refundable tax credit available to eligible taxpayers who make contributions to....

Employer-Sponsored Retirement Accounts

Individual Retirement Accounts

ABLE Accounts

Claiming a saver's credit when contributing to a retirement plan can reduce an individual's income tax burden in two ways. 

  • the saver's credit reduces the actual taxes owed, dollar for dollar.

  • you receive either a reduced tax bill today or tax free withdrawals in retirement via a qualified account. 

Credit Amount


Head of Household

Joint Filers

Saver's Credit Income Limits (2024)

Up to 50%

of contribution

$0 - $23,000

$0 - $34,500

$0 - $46,000


of contribution

$23,001 - $25,000

$34,501 - $37,500

$46,001 - $50,000


of contribution

$25,001 - $38,250

$37,501 - $57,375

$50,001 - $76,500


of contribution

more than $38,250

more than $57,375

more than $76,500

*The credit is worth a maximum of $1,000 ($2,000 if you file jointly).

Besides falling into one of these income tiers, you'll also need to meet the following requirements to qualify for the credit:

  1. You are age 18 or older

  2. You're not a full-time student

  3. No one claims you as a dependent on their return.

  4. Rollover contributions do not qualify

The Power of Tax Credits Vs. Deductions

Deductions lowers your tax bill by reducing your taxable income, a credit directly reduces your tax bill. Saver’s credit is not a refundable credit. 

Have Questions?

Use our online calendar to schedule a complimentary virtual financial consultation today!

If you, or someone you know, is in need of financial advice right now, follow the link below to schedule your complimentary virtual consultation.


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