3 Birthdays You Need to Know for Your Retirement Accounts
Optimizing your retirement savings takes more than just making sure your IRA is properly invested in this market. There are rules and regulations that can help you avoid higher taxes and penalty fees and help you structure your income to minimize taxes. Knowing these three ages can help you get the most out of your retirement accounts. Take Catch-up Contributions at 50 At age 50, workers with certain qualified retirement plans can make annual “catch-up” contributions in addition to their normal contributions. In 2022, you can contribute up to $6,000 to an IRA if you are under 50 and […]
Thinking About Retirement? The Basics of Financial Literacy Are Your North Star
Working towards retirement, you may have a detailed plan on how to manage your finances so that you have enough saved by the time you leave the workforce. With no external income coming in, there will be a new rulebook on how to manage your retirement earnings, expenses, and investments – not just so that you can keep growing your portfolio – but so you can live comfortably. Financial literacy in retirement is therefore crucial to achieving the retirement you dream of and can be understood through the following basics. Earning In retirement, you start to pay yourself with […]
