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Retirement Planning

Client Centered

The transition from an active career to a time in your life that working becomes optional requires forethought and planning. Markey Wealth Management has a process in place to help you chart that course.

When we meet to discuss “Retirement”, we must first define what that word means to you. Each of our clients has a different, personal interpretation – and that interpretation has a tendency to change over time. Our process utilizes three phases to help guide you to and through that chapter of your life.

In Phase One – accumulating the funds, we help establish a plan to build the nest egg needed for an enjoyable retirement, in conjunction with a pension and Social Security, if applicable. We also have to take into account the ever increasing lifespans that are becoming so prevalent.

In Phase Two – the transition to retirement, is where we help you calibrate and adjust to the new lifestyle. We work with you to help establish sustainable withdrawals, seeking to provide income that meets your needs for an enjoyable lifestyle.

In Phase Three – living in retirement, we help you monitor and adjust your accounts as you live through retirement, and assist you with unforeseen changes as they arise. Here also we address your legacy, helping you with the transfer of your wealth to succeeding generations through inheritance or charitable giving.

It is important to consider the types of retirement plans that are appropriate for you. To many, the Roth or Traditional IRA works well. SIMPLE or SEP IRA’s work for some, as do 401(k), 403(b) or 457(f) plans through your employer. For our clients who work with the State of Florida Retirement System there are two options for your retirement:

FRS Pension Plan – Your employer contributes a fixed percentage of your gross salary (set by the Florida Legislature) and requires a 3% minimum employee pretax contribution. Vesting occurs after eight years of service and pays a guaranteed lifetime monthly benefit

FRS Investment Plan – This investment plan extends to USPS support staff. The employer contribution is lower and the employee may not exceed the mandatory 3% minimum employee pretax contribution. Vesting occurs after one year of service.

Additionally, the SUSORP plan is available to faculty, A&P and executive service staff. It offers a higher employer contribution and immediate vesting, with a 3% minimum employee pretax contribution.

If you are enrolled in the Florida Retirement System or a member of the Teachers’ Retirement System, you may be also eligible to participate in the state’s Deferred Retirement Option Plan known as DROP. There are important considerations in weighing the benefits of DROP, including how those benefits would be paid out. Our team has more than 20 years of experience in guiding clients through the retirement and DROP process.

With our software, we evaluate your retirement plan to quantify the best way to pursue your goals. Our calculations will determine if you are saving enough for retirement, predict future income needs and put you on a track to pursue your goals.

At Markey Wealth Management, it is our job to help make your transition into retirement as enjoyable and as smooth as possible. Please do not hesitate to reach out via the ‘contact us’ link at the top of the page to set up your complimentary retirement consultation.

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For more information about our firm and the services we offer, send us a quick email or call the office. We would welcome the opportunity to speak with you. | 352-338-1560