Securing a comfortable retirement requires a strategic approach to maximize your contributions. As an expert financial planning and investment management company, we’ve outlined five key strategies, each with actionable steps, to help you build a robust retirement fund.
Know the annual limits for 401(k) plans, IRAs, and other retirement accounts.
If you’re 50 or older, take advantage of catch-up contributions for higher limits.
Review updates to contribution limits annually to maximize savings potential.
Contribute enough to qualify for the full employer match in your 401(k).
Understand vesting schedules to ensure full ownership of employer contributions.
Regularly review and increase contributions as your salary grows.
Spread contributions across various asset classes, including stocks, bonds, and other investments.
Balance Pre-Tax and Roth contributions for tax diversification.
Periodically rebalance your portfolio to stay aligned with your financial goals.
Prioritize contributions to tax-advantaged accounts like IRAs and 401(k)s.
Consider Roth conversions during lower-income years for future tax-free withdrawals.
Utilize tax-loss harvesting to offset gains in taxable accounts.
Maximize contributions to Health Savings Accounts (HSAs) for tax-advantaged medical savings.
Invest HSA funds for long-term growth and future healthcare expenses.
Explore long-term care insurance and Medicare options to mitigate future healthcare costs.
By implementing these strategies, you can optimize your retirement contributions and secure a financially independent future. Start planning today to ensure your retirement allows you to live comfortably and on your terms.
Your Wela Financial Advisory Team
Brent Forrest & Associates, LLC. dba Wela Financial Advisory (Wela) is a registered investment adviser. The information presented is for educational purposes only. It should not be considered specific investment advice, does not take into consideration your specific situation, and does not intend to make an offer or solicitation for the sale or purchase of any securities or investment strategies. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. This article and images may have been enhanced by utilizing artificial intelligence (AI). Brent Forrest & Associates, LLC dba Wela Financial Advisory (Wela) is a registered investment adviser. The information presented is for educational purposes only and is not intended to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance. Wela may discuss and display, charts, graphs, formulas which are not intended to be used by themselves to determine which securities to buy or sell, or when to buy or sell them. Such charts and graphs offer limited information and should not be used on their own to make investment decisions.
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