People go to the gym looking for change. You will see some people running furiously on treadmills, and some lifting as much weight as they can. It’s safe to say that anyone going to the gym would like to get the max out of their workout efforts. While some go looking for change, most of the time change catches us by surprise. One of the biggest changes in your life will be your switch from full time work to the relaxation of retirement. Imagine you’ll have the time to do everything you’ve always wanted to do; work on those house projects, go on vacation, or just spend time with friends and family.>
Don’t approach retirement thinking negatively. Think of the positives. Be prepared for change.
Change is going to happen, and it’s important to be prepared to make that change as smooth as possible. You need to know what your options are when you are saving for retirement, such as Roth or 401K accounts, and taking the social security you’ve earned when you do retire. You need to max out your contributions, to pump up your savings. There is a common misconception that maxing out simply means contributing up to the max amount that your employer matches. While you should certainly get the entire match, you should be aware that the IRS’s max contribution is usually much higher. Social Security changed its rules as recently as last year. It is not your parent’s retirement fund anymore.
If you put effort into maxing out your retirement, much like the gym goers who want real results, you can hit your savings goals and be financially fit for retirement. We discuss financial fitness, and how prepare for your retirement with our clients and radio listeners every week. If you missed a show you can always hear it here,
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“The way to get started is to quit talking and get doing.” – Walt Disney
· It’s surprising what people didn’t Interesting things people didn’t expect going into retirement (8:08)
· Text about how to get the most out of your jobs 401k plan (13:59)
· Quote of the Day: “The way to get started is to quit talking and get doing.” (18:28)
· Clearing up confusions about maxing out your 401k plan (19:31)
· Do you know the difference between a ROTH and a Traditional IRA? We’ve got the answer for you right here on the Let’s Talk Future show. (24:16)
Matching contributions from your employer may be subject to a vesting schedule, please review your retirement plan documents or speak with a financial professional for more information. Every investor’s situation is unique; you should consider your investment goals, risk tolerance and time horizon before making any investment or making an investment decision. Prior to making an investment decision, please consult with your financial advisor about your individual situation.