19 Oct 3 Smart Year-End Moves to Protect Your Retirement
Believe it or not, the New Year is fast approaching. But if you haven’t yet gotten your retirement ducks in order for 2016, it’s not too late.
Here are some smart year-end moves to protect your retirement:
Take advantage of retirement catch-up contributions
Individuals age 50 and over can contribute more money to their retirement plans. If you can afford to do this, you might see your money grow faster in the following years.
For 2016, this includes an extra $6,000 for 401ks. For IRAs, this is an additional $1,000 for those age 50 or older. While catch-up contributions you make might not seem like much, your additional savings will add up over time.
Schedule a financial check-in
As you already know, plenty can change within a year. When it comes to your finances, shifting goals, such as having a child, buying a home, moving, and countless others can greatly impact your financial road map. It’s one of the best year end moves to protect your retirement because you have a chance to proactively adjust your portfolio and plan ways to reach them.
The new year is a natural point to check in, review your financial goals, and re-evaluate your plan to make sure that it is still a good fit and that you are on track to meet those goals.
Take (full) advantage of employer matches
401ks have plenty to offer when it comes to investing for retirement, such as the ability to have your wealth grow and compound tax-free. Another advantage that’s especially useful for closing the gap is employer matches. This is an optional benefit where your employer will match up to a certain amount of the money you contribute.
This is one of the smartest year-end moves to protect your retirement because it allows you to increase your ROI and nest egg with less money needed on your end.
Learn more year-end moves to protect your retirement
At LexION Capital, one of our primary goals for clients is to ensure worry-free retirements. As fiduciary advisors, we solely provide advice that’s in our clients best interests, and work individually to ensure their golden years go off without a hitch financially. If you’d like to learn more, don’t hesitate to contact us today.