20 Second Advisor: Are You Saving Enough?

A new year brings new opportunities to save money for retirement. Regardless of age, most people are NOT saving enough. Most people need to be saving 15% or MORE of their income. For many of our clients, an IRA or 401k simply won’t get them there. Here are some suggestions:

  1. Max out your 401k – $19,000 allowed in 2019 ($25,000 if over 50)
  2. Make a nondeductible IRA contribution
  3. Fund a taxable investment account
  4. If self employed, consider giving your spouse a job so they can contribute to your retirement plan
  5. If self employed, consider opening an Individual 401k, SEP IRA, or Defined Benefit Pension Plan
  6. If all of those options are exhausted, look into a whole life insurance policy that accumulates cash over time

If this is confusing or if you know you need to save more, we would love to help!

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