We’ve spoken in the past about the benefits of saving money for retirement by having automatic transfers from your checking account into a savings account. But, what is often forgotten is that workplace retirement account when you leave one job and move on to another. If you leave a job, consider “rolling” the money from the former employer’s plan into a different retirement account or other product. There are some options out there that can enable your money to grow tax-deferred, coupled with the ability to acquire an income you can’t outlive. Call us, we can help walk you through
One potential way to save money consistently is to arrange automatic transfers from your checking to your savings account on paydays. This idea can be also applied to RMDs as we get older. While we may be forced to take required minimum distributions out of qualified accounts, there are no restrictions on how you choose to use that money. One idea we’ve discussed with clients is re-saving those funds by depositing them into non-qualified accounts. Call us. We’d be happy to explain how this play can increase your savings. We’re always here to help.
Sometimes it’s best to start with the basic steps when planning for retirement. Are you contributing enough to your 401(k) to get your company’s full employee match? Have you paid off any high-interest-rate debt you may be carrying? Eliminating a monthly credit card or auto loan with a high-interest payment may enable you to save more money than you think. Do you have an “emergency fund” of extra money? This is important, as with this money set aside, you won’t have to dip into your retirement savings if you need cash in a hurry. Once you’ve handled debts and created