When it comes to retirement, the single most powerful factor is time. The earlier you start planning and investing, the better positioned you’ll be to live comfortably—and confidently—in the future. But knowing how and where to invest your retirement dollars is just as important as starting early.
As a wealth advisor who’s helped clients across Florida navigate retirement planning, I’ve seen firsthand how the right retirement accounts can build long-term wealth and offer significant tax advantages. Whether you’re a young professional in Orlando, a small business owner in Tampa, or someone preparing for retirement in Naples, selecting the right retirement accounts is the cornerstone of a strong financial plan.
In this article, I’ll walk you through the best retirement accounts to consider, why they matter, and how we at Manna Wealth Management guide clients toward smarter long-term planning.
Why Retirement Planning Matters Now—Not Later
If you’re in your 20s or 30s, retirement might feel like a lifetime away. But here’s a truth I often share with younger clients: wealth is built slowly, through discipline and compound growth. Waiting until your 40s or 50s can drastically reduce your ability to retire comfortably.
One client I worked with in Fort Lauderdale started investing just $400 a month into a Roth IRA at age 25. With a modest 7% annual return, they’ll have over $1 million by age 65. Compare that with someone starting at 45—even doubling that monthly investment won’t come close to the same outcome.
Now, let’s take a closer look at the best retirement account options available and how they can help you build long-term wealth.
1. Traditional IRA
A Traditional Individual Retirement Account (IRA) is a solid foundation for any retirement plan. Contributions are typically tax-deductible (depending on income), and investments grow tax-deferred until withdrawn.
Why it works:
You reduce your taxable income now and allow investments to grow without paying taxes each year.
Who it’s best for:
Those who anticipate being in a lower tax bracket in retirement or who are currently earning a high income and looking for immediate tax relief.
Florida example:
A client in Jacksonville, earning $85,000 annually, contributed the maximum $7,000 (for those 50+) to a Traditional IRA, lowering their taxable income and boosting their refund—while securing tax-deferred growth for the future.
2. Roth IRA
With a Roth IRA, contributions are made with after-tax dollars, but qualified withdrawals are completely tax-free. This makes it one of the most powerful tools for building long-term, tax-efficient wealth.
Why it works:
You pay taxes now at a potentially lower rate and enjoy tax-free withdrawals in retirement.
Who it’s best for:
Younger earners in Florida, or anyone expecting to be in a higher tax bracket later in life.
Contribution limits (2025):
- $7,000 if over age 50
- $6,500 if under age 50
Income limits apply for eligibility
Florida example:
A couple in Miami in their early 30s maxed out Roth IRAs for themselves and opened custodial Roth IRAs for their teenage children who had part-time jobs. The long-term tax-free growth will help secure multiple generations of wealth.
3. 401(k) Plans
A 401(k), often offered by employers, is one of the most common retirement vehicles and should be leveraged to the fullest—especially if your employer offers a match.
Why it works:
Contributions are pre-tax, lowering your current income. Many employers match a portion of your contributions—that’s free money.
Who it’s best for:
Anyone with access to an employer-sponsored plan. If you’re self-employed or run a small business, there are other 401(k) options we’ll explore shortly.
Contribution limits (2025):
- $23,000 for those over age 50
- $19,500 for those under age 50
(includes employer match contributions)
Florida example:
A teacher in Tampa increased her contribution from 6% to 10% after realizing the long-term impact of compounding. The school district’s 5% match gave her an automatic 50% return on every dollar she contributed—instantly increasing her retirement savings.
4. SEP IRA (Simplified Employee Pension IRA)
For self-employed professionals and small business owners in Florida, the SEP IRA offers high contribution limits and simplicity.
Why it works:
You can contribute up to 25% of your income, with a cap of $66,000 (2025), and all contributions are tax-deductible.
Who it’s best for:
Freelancers, consultants, and small business owners with few or no employees.
Florida example:
A small architecture firm owner in Sarasota used a SEP IRA to contribute $45,000 in a single year—cutting her taxable income significantly while accelerating her retirement planning.
5. Solo 401(k)
For Florida residents who are self-employed with no full-time employees, the Solo 401(k) is incredibly powerful.
Why it works:
You can contribute both as the employer and the employee—allowing for higher contribution limits and optional Roth features.
Who it’s best for:
Independent contractors, real estate agents, or solopreneurs.
Florida example:
A freelance graphic designer in Orlando set up a Solo 401(k) and contributed $60,000 annually between employee and employer portions—giving her full control over her retirement plan while benefiting from high tax deductions.
6. HSA (Health Savings Account) – The Triple Tax Advantage
An often-overlooked retirement tool, the HSA offers what I call the triple tax advantage:
- Contributions are tax-deductible
- Growth is tax-free
- Withdrawals for qualified medical expenses are tax-free
If unused, funds can be withdrawn after age 65 for any reason (though non-medical withdrawals are taxed like Traditional IRAs).
Florida example:
A couple in Clearwater contributed the max to their HSA for 10 years, investing the funds instead of spending. By retirement, they had over $100,000 set aside for healthcare expenses—tax-free.
What About Cryptocurrency and Digital Assets?
It’s no secret that Florida has become a hub for tech-savvy investors—and with it, a growing interest in cryptocurrency. At Manna Wealth Management, I work with clients who want to explore digital assets as part of their retirement portfolio.
Yes, it’s possible to hold crypto in certain self-directed IRAs and Solo 401(k)s—but proceed with caution. Volatility, security, and tax rules require expert guidance. This is not a one-size-fits-all strategy, and it should never dominate your retirement plan. That said, for the right investor with proper risk tolerance, a small, diversified crypto allocation may be appropriate.
Choosing the Right Accounts for You
So, which of these accounts is right for you? The answer depends on your:
- Age
- Income
- Employment status
- Tax bracket
- Risk tolerance
- Long-term goals
That’s why retirement planning should never be one-size-fits-all. At Manna Wealth Management, we take the time to understand your unique life situation, then craft a retirement strategy that fits.
Final Thoughts: Start Now, Adjust Along the Way
I’ve worked with thousands of clients over the years, and one truth always holds: the best time to start is now. Whether you’re 25 or 55, it’s never too early—or too late—to improve your financial future.
Retirement isn’t just about stopping work. It’s about freedom. It’s about having choices. And that freedom comes from careful planning, consistent contributions, and smart account selection.
If you’re in Florida and want personalized guidance on which retirement accounts are right for you, I invite you to connect with me through my bio or reach out via our contact page.
Let’s make sure your retirement isn’t left to chance. Let’s build it—intentionally.
