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:
- Max out your 401k – $19,000 allowed in 2019 ($25,000 if over 50)
- Make a nondeductible IRA contribution
- Fund a taxable investment account
- If self employed, consider giving your spouse a job so they can contribute to your retirement plan
- If self employed, consider opening an Individual 401k, SEP IRA, or Defined Benefit Pension Plan
- 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!