Hello everyone, I hope you’re all doing well. On today’s DueNorth Insight, I’m going to discuss some idea’s and basic ways to save for retirement. So one great place to start is through your employment. Many employers offer a 401(k), 403(b) or a simple IRA, and many of those plans also have a company match.
Now I know when you’re first out of college and starting your first careers, that saving money can seem rather daunting but I suggest that you start somewhere and try and take advantage of any company match that there is out there.
Another thing to remember is that money put into pre-tax savings is a deduction from your income. And that may help out your tax situation during your working years. And for those of you, if having a tax deduction isn’t important to you, well then consider putting something into, if your company offers it, a Roth 401(k).
Let’s say you’ve got no plan offered at all. Well then consider opening up a traditional IRA or a Roth IRA on your own. This year the limit is $6,000 and for those of you age 50 and older, you can put in an additional thousand dollars.
What if you’re self-employed? Well, one option is a SEP IRA also known as a self-employee pension. And then there are other products out there as well based on your business structure. To wrap things up, know what your options are and don’t hesitate to reach out to us at Priebe Wealth, we’re happy to help answer questions and offer guidance. And that wraps up today’s DueNorth Insight.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.