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Dianne Williams Wildt, MBA
Certified Retirement Counselor®
Since 1983 in the financial services and investment industry
Retirement Pathways, Inc.
4500 Bowling Blvd., Suite 100
Louisville, KY 40207
Phone: 502-797-1258
Email: dianne@retirementpathways.com
Website: www.retirementpathways.com
If your kids are grown and have grabbed control of their financial lives, now is a good time to refocus on your financial prospects and strategies for achieving your goals. Pay attention to the areas that can most affect your retirement readiness:
Estimate how much you’ll need, and work with a financial professional to learn how to increase your retirement contributions, reduce debt and create an asset mix that meets your risk tolerance and timeframe. Use the extra money an empty nest may bring to help increase your retirement savings.
These two vehicles, along with SIMPLE and Simplified Employee Pension (SEP) plans if you own a business, offer tax-deductible contributions, although the traditional IRA has income limits to qualify. You pay ordinary income tax on eventual distributions from these vehicles, but qualified distributions from a Roth 401(k) and Roth IRA are generally tax-free.*
If you have a Health Savings Account, increase your contributions there, too. Healthcare costs are typically a top expense in retirement, which a triple tax-free HSA can help alleviate. An HSA features tax-deductible contributions, tax-deferred potential growth and tax-free qualified withdrawals. Your financial professional can help determine if an HSA is right for you.
As you near retirement, pay close attention to your portfolio mix to ensure it has the combination of safety and growth you’ll need. Change will happen, and staying flexible can help you to adapt.
*Withdrawals/distributions from your IRA/401(K) accounts will be included in as part of your taxable income and may be subject to a 10% additional tax penalty if you’re under age 59 1/2.
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Investment advisory services offered through American Capital Management, Inc., a State Registered Investment Advisor. Retirement Pathways, Inc. is independent of American Capital Management, Inc.
Retirement Pathways, Inc. and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
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