Happy New Year from Leading Retirement Solutions!
The phrase goes, “New Year, New Me”, right? What better way to start 2017 than to create resolutions to effectively plan for your retirement? Our experts have prepared tips and resolutions of their own to implement in the new year that you can utilize too!
As a general rule, save early and often. Saving more than you think you will actually need will come in handy during those “rainy days”. Try to cut back on some unnecessary expenses and contribute to your retirement plan accordingly.
According to a recent study, only 51% of women say they are “confident” or “very confident” that they will be able to afford the lifestyle they desire, while 64% of men say the same.
With their awareness of market and industry trends, our employees are starting to save more aggressively. Working in this industry has made those who were once unfamiliar with the industry hyper-aware of the importance of saving.
Raise Your Contributions
The amount that you are allowed to contribute to your plan(s) changes from year to year. Increasing your salary contribution, even just an additional 2%, is a great way to celebrate the new year! For example, the maximum amount that can be contributed by a business owner to a Defined Contribution Plan (think 401k/Profit Share Plan) increased from $53,000 in 2016 to $54,000 in 2017.
Aim to increase your contributions above the minimum required to receive the employer match. Be sure to review asset allocation for optimum performance earnings.
Hire an Investment Advisor
You should seek an advisor to perform a complete assessment of your current retirement readiness.
When looking for an advisor, make sure they also have experience with health care planning in retirement, so they can craft a plan on how to convert your current savings into long-term retirement income. An advisor that can accomplish this is well worth their fee.
“Business owners, investors and their family members should know what they can contribute to their retirement plan(s) each year. They should make sure that their retirement plan(s) are designed to maximize retirement savings and tax sheltering.”
– Leading Retirement Solutions President Kirsten Curry
For more tips and information regarding retirement plans, follow our blog.