Two quick thoughts on retirement savings before we wrap up this week.  There is still time to make adjustments for the last four months of 2019 and beyond.

First, how are you doing for 2019?

Have you been saving for retirement in 2019?  $5 is better than $0.  If you need an easy way to get started, check out this app.

If you are saving, could you do more before the end of the year?  Our household did a quick reassessment of 2019 this week and decided we needed to up the contributions to my husband’s 401(k), which will also give us a higher 2019 tax deduction.

If you are one of those hyper-savers, are you on track to hit your limits for 2019?  For the 2019 tax year, you can contribute $19,000 to your 401(k) and $6,000 to your Roth or Trad IRA.  If you are over 50, then you can do $25,000 in the 401(k) and $7,000 in the IRA.

Maybe you and your spouse don’t have a coordinated retirement savings plan — make one.  Perhaps there aren’t dollars available to save right now, but you can start planning how you will make room for retirement savings in your 2020 budget.    You don’t get a do-over for years that you miss saving.  Let the kids get a loan for school; feed your retirement account.

Second, WHERE can you save more?

Employer sponsored plans are the easiest place to save for retirement.  Let that plan do the heavy-lifting for you, whether it be a 401(k), 403(b), SIMPLE-IRA, or SEP-IRA.

If you are a small business owner and need a tax-advantaged way to save for retirement, start a 401(k) or SIMPLE-IRA for you and your employees.  It’s never been easier or more affordable.  Call me.

If you work for a small business owner and wish there was a 401(k) or some other kind of plan, give the owner my name and number to get the conversation started about establishing one.

If nothing else, get that IRA opened and start feeding it!

I listened to a podcast this week where I learned that people who use an employer sponsored retirement savings plan also tend to more fully use their healthcare benefits, making them both healthier and wealthier.  Be on that bandwagon!

Have a great weekend everyone!

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