The perfect time to save up for retirement

Saving up for the future, may it be far or near, can be a little difficult especially when there are no boundaries set for spending. Individuals who save up for their retirement as it nears find their savings insufficient for them to maintain the lifestyle they currently enjoy.

                                                   Image source: cheatsheet.com 

It is recommended that by the time a person retires, they must have a retirement savings worth $1 million to sustain oneself, yet most only get to save up about $5,000—an undesirable amount. Employees should not wait long before they start saving up for retirement. As the current workforce in America believes they should invest for retirement, only three-fourths of the population is doing the hard work for it.

It is best to start investing for retirement as soon as possible; begin saving the moment once employed. Doing so sets employees to a good start. This will lessen the load over the years of working non-stop and will build security as the years toward retirement draw near. The longer one waits, the harder it will get. If an employee plans to retire by the time they reach 67, by 35, retirement savings amounting to twice one’s annual salary must be attained.

Investing in one’s retirement may sound difficult, yet as one does it the soonest, the more attainable it will be. A person must decide and plan to save up for the far future to be able to sustain the lifestyle one enjoys.

                                                             Image source: forbes.com

Barry Bulakites is the president of Table Bay Financial Network and is a registered innovator in the field of financial services. He is responsible for some of the industry’s unique platforms serving the retirement marketplace, including America’s IRA CentersTM, and America’s Tax SolutionsTM. Find out more about Barry by clicking here.

Iras And Retirement: What This Generations Should Be Aware Of

Current generations can learn a lot from previous ones.For instance, many GenXers and millennials who’ve just started out in their careers should look towards their financial goals.A great reference point would be the generation of baby boomers. Here are some helpful tips everyone, no matter the age, should remember when it comes to IRAs and retirement.

Image source:das.iowa.gov

 

Dates are crucial when it comes to IRAs. The required beginning date (RBD) of the required minimum distribution (RMD) is April 1 of the first year the IRA owner reaches 70 years and 6 months of age.

Retirees with qualified plans can choose whether it’s April 1 after reaching 70 years and 6 months of age of the first April 1 after retiring.

Employees who are not 5% owners choosing to work beyond 70 years and 6 months may transfer funds from a company to an IRA. There are a few guidelines, though, when it comes to deferring retirement plan payouts.

When it comes to deferring taxes, indexed universal life insurance plans are great plans to look forward to.

 

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Anyone with an IRA plan can request that distribution be postponed for a year. Plan holders, however, should not assume that the amount they will receive is based on the amount in plan from the year before.

Barry Bulakites is the president of Table Bay Financial Network. He has extensive experience in the field of financial services. For more on how to keep finances in check, follow this Twitter page.