New Year’s Resolution
January 06, 2016
The most common New Year’s resolutions are things like “I’m going to lose weight” or “I’m going to quit smoking.” Although these things do make you healthier and help you in your future, try to make a resolution this year that will really prepare you for your future. Instead how about have your new year’s resolution be something like “I am going to start saving for retirement” or “I am going to get on track for saving for retirement.” The best thing is to be specific by stating “I’m going to set up a Roth IRA and start saving $458 a month starting January 20th.”
This year the contribution limits to your Roth and Traditional IRA’s is $5,500 if you are under the age of 50 and $6,500 if you are over the age of 50. 401(k) contribution limits are $18,000 if you are under 50 and an extra $5,000 if you are over 50. So if you set up a Roth IRA and we automatically pull $458 a month from your bank account to your Roth IRA (and you are under 50) you will max your Roth IRA for the year.
We offer a free retirement analysis for you to find out if you are on track or not toward your retirement. If you are not on track for our retirement, we can help you figure out a plan for you and determine how much you need to save every month to get you there. Contact us at 763-231-9510 to schedule a time for your retirement analysis.