A little financial planning for the year would do no harm. Our team has put together a small list of goals and saving tips for 2017 that will help you achieve financial freedom and boost your retirement savings in 2017.
- Save Your Raise: It’s really tempting to get that new SUV you had your eyes on, but when thinking rationally, do you really require that? Put your needs before your wants and direct at least a portion of your raise towards your retirement funds.
- Get a 401k Match: If your employer offers a 401k match, make sure to match those contributions. It’s free money which will have a substantial impact on your retirement fund in the long run.
- Choose Self-Directed IRA: Gaining complete control over your retirement funds is an exciting proposition. A self-directed IRA allows you to invest your retirement money in different types of financial assets, including real estate, private equity, and personal lending among other investment options. However, seek professional guidance before taking any investment decisions.
- Redirect Debt Payments to Savings: If you have one or more debts paid off in 2016, redirect those debt payments towards your retirement savings. It will allow you to save more for retirement without any additional financial burden.
- Add Roth Savings to your Portfolio: Roth retirement plans allow you to receive tax-free income in retirement. On top of the tax-free income, any capital gains on your financial assets are tax-free, provided you satisfy some IRS regulations.
- Choose Assets that Align with your Retirement Goals: When creating your retirement portfolio, add financial assets that can fulfill your retirement goals. A self-directed retirement plan, Solo 401k and SD IRA, offers multiple investment options, boosting your retirement savings with competitive returns. When necessary, seek professional advice.
- Understand Plan/Investment Cost: When choosing a retirement plan or investment, compare plan costs with expected returns. A plan with nil cost may not be the best option if not offering your desired rate of returns.
Related Article: 7 Important Financial Steps to Take in Your 30s
Hope that you make Retirement savings part of your financial plans for 2017.