Can you contribute more to your retirement financial planning than most Americans? For high-income earners and those who have other assets they could put away for retirement, standard contribution limits can be costly and frustrating. How can you work around these exterior limitations and put much more away for your own retirement? Here are five ideas for any saver.
1. Maximize Catch-Up Contributions. If you are over 50, you have the option to contribute more both to IRAs and 401(k) plans.
Are you planning or already investing in financial securities like stocks and mutual funds? If your answer is yes, then you probably need the services of an investment advisor. These financial advisors have specialized knowledge and skills in investment management. Thus, they can offer guidelines to achieve short- and long-term investment goals. Engage a financial advisor to increase the likelihood of successful outcomes. Below are key insights about investment advisors.
When it comes time to speak with a financial planning advisor, it's a good idea to have some information on hand. This will expedite the process and give the financial advisor greater insights into your situation. Try to have these four items of information available whenever you set up a meeting.
You don't need to have precise account information, but you should be able to provide a general overview. What types of accounts do you own?