It’s extremely important that we all take our retirement into our own hands. The concept of not preparing and relying on a government-sponsored retirement is not the best plan. Financial woes combined with the fact that the U.S. population is continuing to age, means that there are fewer working-aged people remaining to contribute to our social security system.
On a positive note, strong retirement savings can not only help you, but it could potentially help your family and loved ones. With today’s retirement challenges, more people are using retirement vehicles as a healthy way to help family members. As an advisor, I get great satisfaction helping parents and grandparents contribute to their loved one lives by properly gifting funds to a retirement account (if the loved one has earned income and qualifies). Funding retirement accounts at younger ages many times leads to a better funded and more comfortable financial situation at your retirement.
You can still make 2018 IRA contributions until April 15, 2019. In 2019, the limit for contributing to an IRA increased from $5,500 to $6,000, the first increase since 2013. Now is a good time to consider making your 2019 retirement contributions.
For complete rules on IRA’s (including who qualifies), please visit www.irs.gov Publication 590a or consult with a qualified professional.
Information in this material is for general information only and not intended as investment, tax or legal advice. Please consult the appropriate professionals for specific information regarding your individual situation prior to making any financial decision.
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