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STATEWIDE — Where are you at in terms of financial planning? Are you approaching retirement, fresh out of college, or already retired on a beach somewhere?

Wherever you are in the process, there are a few things you should think about.

Bill Demaree, Retirement Guy, says if you’re still working and not yet retired, then you should be thinking about where your money is at, and what do you want it to do for you.

“When you’re in your 20s, 30s, 40s, and even early 50s you’re more concerned about growth,” he said. “But when you get into retirement, or close to retirement, it becomes a different issue because you’re wanting income from your investments.”

Demaree said that most people working are in their accumulation phase of financial planning, meaning people may be interested in investing in stocks, bonds, and mutual bonds, things that can grow. Whereas, people in retirement are shifting gears and looking to protect what they’ve spent their lifetime accumulating.

However, he said he’s noticing people in retirement are in just as high a tax bracket as they were when they were working, and retired of now a lot of his clients are concerned about the increase in taxes.

His advice for this step of financial planning is to compare the traditional IRA with the Roth IRA and see what’s best for you.

“Traditional IRA 401(k), 403(b), etc., now, a lot of people have done that,” he said. “It gives you a tax deduction, all of that grows on the tax-deferred basis, but then somebody someday has to pay the taxes.”

With the Roth IRA, he said it’s a little bit different.

“With the Roth IRA you do not get a tax deduction upfront, but all of that grows on a tax-free basis,” he said. “So, when you get ready to retire then you’re pulling it out on a tax-free basis.”

He suggests that people in their 20s look into Roth IRA, but whatever your choice, he says when it comes to finances, it’s best to try and get out of debt first, and set up a retirement plan where you’re putting 10 to 15 percent, or whatever you can into it.

He said to do what you can with what you have.