This week’s article asks the question, “When do you stop saving and start enjoying the fruits of your labor?” We could help you understand at what age you can start to transition from saver to spender. It could mean the difference between: A retirement of constant penny-pinching and being stuck in saving mode. A retirement that includes vacations, seeing your friends & family, and allowing yourself to ENJOY your retirement full of valuable experiences. The article explains, “You’ve done all the right things—financially speaking, at least—in saving for retirement. You started saving early to take advantage of the power of
Are you a small business owner? You may find this interesting. According to this week’s article, “the 401(k) has become the go-to retirement plan for many Americans.” In fact, the article goes on to say that the “flexibility, tax savings and scale of 401(k) plans” have made them “attractive to employers”, as well as employees. However, there is a common misconception about 401(k)s. Namely, people think that you have to be at least 21 years old to have one. However, nothing in the federal law precludes setting a plan’s minimum age to be under 21. These choices are ultimately up to
With deadlines for filing tax returns approaching we are beginning to remind people that the deadline for making their permitted annual deposits into their retirement accounts is also approaching. Even if you have a Roth IRA you may want to consider the different options you have to both accumulate wealth for retirement, or if you are already retired and taking income from your savings, to obtain growth potential without being vulnerable to major long-term downturns in the market. Call us, we’re happy to explain some choices you have and discuss how they may fit into whatever stage of retirement planning
This week’s article tells us “experts want you to start saving as soon as possible, no matter what amount you can afford to put away.” The first goal is to simply get into the habit of saving for the future because the future comes sooner than you think, and “the second is to take advantage of as many compounding returns as you can: The longer your money is invested in the market—even if it’s a smaller amount—the longer it has to grow and generate increasingly larger returns.” The article also tells us “this turns most of us into market watchers.