Every year there are rule, guideline and tax law changes to deal with when it comes to saving for and managing your retirement plan. This year is obviously no exception with a new Presidential administration, and many changes are expected in the near future. So, you have to keep on top of things in order to maximize your retirement.
In order to do this the most proper way, most people will need some professional guidance. Things can change so fast, and so often. Just a couple of weeks ago, the Treasury Department announced that it was ending the myRA program. The myRA was a program put in a few years to help Americans with no access to an employer plan to begin saving for retirement. If you did not know about this change, then it could hurt your plan.
Fortunately, there are still several ways to save and maximize your retirement plan. But, in order for you to get the most of out of these options and maximize your accounts, you have to understand several key factors, such as:
Where to contribute – Saving is important, but where and how you save is more important. You have to know what types of accounts are best for your unique and personal situation.
Understand The Tax Issues – The goal is to maximize your contributions, but doing so the most tax efficient way. Understanding how and what type of account to contribute to the most tax efficient way for your specific situation can make a huge difference in the ultimate value of your account.
Understanding Costs and Fees – Contributing to retirement accounts is not free. However, there are strategies here to minimize the effects of fees and expenses.
Invest Smartly – The investment world is much different than it used to be. While the buy and hold strategy may work for young people, those in their pre-retirement and retirement years need more of an adaptive approach that adjusts to changing market environments.
There are several strategic ways to maximize your retirement accounts. To learn more on how to do this, and get some answers to some key retirement savings questions, I suggest you enroll in one of our upcoming workshop or class in your community.