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.
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 Contributions are typically tax-deductible (depending on income), and investments grow tax-deferred until withdrawn.
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.
2. Roth IRA
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
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.
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.
5. Solo 401(k)
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.
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).
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
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.
