The 1 thing you should do this tax season to help with retirement success:
Share to linkedinFor most Americans, meeting with their tax professional is akin to going to the dentist. It can be painful and potentially full of bad news, yet we all have to do it if we want to be financially successful. One of the key benefits of meeting with your tax professional is the opportunity to focus on retirement planning.
But rather than going through this rush every year when your tax professional mentions these opportunities, it would be better to create a streamlined process for retirement planning.Planning for retirement can be an overwhelming process. Ideally, strategies for retirement planning should be simple and straightforward. Typically individuals should expect to use several different retirement plans to achieve success.
This is a good strategy for several reasons. First, it avoids a frantic rush to fund the accounts prior to deadline, which helps with cash flow. It’s probably easier to come up with a few hundred dollars a month than $6,000 in one lump sum to fully fund for 2019. It also enables retirement funding to be incorporated into a monthly budget. For example, to fully max out an IRA for 2019, the taxpayer would make a monthly contribution of $500, or $583.33 for those over 50.
Further, the ease of using a target retirement mutual fund can take the guesswork of how to build out a cost-effective diversified portfolio. The monthly investment into this type of fund allows broad market exposure.In funding an IRA and HSA, you want to always be moving forward towards retirement success. But a watched pot never seems to boil and the same is true with retirement planning.
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