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Treat Yourself to These 5 Retirement Savings Tricks

By Kirtland Financial Services

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Your retirement is the reward after years of hard work and saving. You might dream of traveling, want to invest in a vacation home, or want to take up a new hobby. For an enjoyable retirement, saving is critical. Take charge of your retirement and work toward your goals with the help of these few tips and tricks.

1. Take advantage of a company 401(k) match

When a company provides a matching contribution for your retirement savings, it is like getting free money to invest. This strategy may help your portfolio grow larger. Find out the amount of your 401(k) contribution that your company matches, and make sure you contribute that much to your 410(k). This strategy is like getting an extra company bonus each year.1

2. Start early

No matter your age, you may save for retirement. The longer your money is invested, the greater chance you may have that your savings grows. Make your savings allocations a part of your monthly budget, like any other bill. Take advantage of payroll contributions if you have a company 401(k). If you set up an automatic savings process, you put money away with each paycheck without thinking about it.2

3. Fully fund a health savings account

Healthcare costs continue to rise yearly, and you may face significant health expenses as you age. Consider contributing money to a health savings account to prepare for these costs. When you contribute to a health savings account, it is tax deductible. You may withdraw the money tax-free as needed to pay for qualified medical expenses. In 2022, you may contribute up to $7,300 annually for a family and $3,650 for an individual. While a health savings account is a way to prepare for medical costs, it is also a way to help save for retirement. Once you hit 65, you may use the funds in the account to pay for anything, not just healthcare expenses.1

4. Find the perfect place to retire

When saving for retirement, it is essential to know your goals for retirement and where you plan to retire. If you are considering moving for retirement, you might find a state that may help your money go further. Many states are good for retirees. Some have great weather, some top-notch health care services, and others do not impose a state tax. Not paying state tax on your retirement funds may make retirement easier.1

5. Look for tax advantages at age 50

Taxes may get a little easier for you once you are at the age of 50. As you get nearer to retirement, you may take advantage of the increased limits for retirement contributions. This additional amount may help boost your retirement savings while taking advantage of the tax breaks that retirement plans offer. After age 50, contributions to a traditional individual retirement account (IRA) or a Roth IRA may increase from $6,000 to $7,0003, and you may contribute an additional $6,500 to your employer-sponsored plan.1

Get your retirement savings on track by utilizing these tips.

1 8 Essential Tips for Retirement Saving, Investopedia,
https://www.investopedia.com/articles/investing/111714/8-essential-tips-retirement-saving.asp

2 How to Win at Retirement Savings,  The New York Times,
https://www.nytimes.com/guides/business/saving-money-for-retirement

3 Retirement Plans FAQs Regarding IRAs, Internal Revenue Service,
https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-iras

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual security. To determine which investment(s) may be appropriate for you, consult your financial professional prior to investing.

Investing involves risks including possible loss of principal. No investment strategy or risk management technique can guarantee return or eliminate risk in all market environments.

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

Contributions to a traditional IRA may be tax deductible in the contribution year, with current income tax due at withdrawal.  Withdrawals prior to age 59 ½ may result in a 10% IRS penalty tax in addition to current income tax.

The Roth IRA offers tax deferral on any earnings in the account. Withdrawals from the account may be tax free, as long as they are considered qualified. Limitations and restrictions may apply. Withdrawals prior to age 59 ½ or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax. Future tax laws can change at any time and may impact the benefits of Roth IRAs. Their tax treatment may change.

All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.

This article was prepared by WriterAccess.

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Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Kirtland Federal Credit Union and Kirtland Financial Services are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Kirtland Financial Services, and may also be employees of Kirtland Federal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Kirtland Federal Credit Union or Kirtland Financial Services. Securities and insurances offered through LPL or its affiliates are:

Not NCUA Insured or Any Other Government  | No Credit Union Guaranteed | Not Credit Union Deposits or Obligations | May Lose Value

The LPL Financial registered representatives associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.

Kirtland Federal Credit Union (“Financial Institution”) provides referrals to financial professionals of LPL Financial LLC (“LPL”) pursuant to an agreement that allows LPL to pay the Financial Institution for these referrals. This creates an incentive for the Financial Institution to make these referrals, resulting in a conflict of interest. The Financial Institution is not a current client of LPL for advisory services.

Please visit https://www.lpl.com/disclosures/is-lpl-relationship-disclosure.html  for more detailed information.

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