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Beth A. Botti, CFP®, ChFC, CLU, CDFA™
Financial Consultant
California Insurance License #0G24537
612 Wheelers Farms Road, Milford, CT 06460
Phone: 203-877-6556 Ext. 169
Fax: 203-301-0736
Email: beth.botti@equitable.com
September/October 2018
Boost Your Savings
If you’re approaching your 50th birthday or have passed this milestone, now is the time to supercharge your retirement savings efforts. Here are some things you can do today to potentially plump up your retirement income.
Max Out Your 401(k)
If you have a company-sponsored 401(k), contribute up to $18,500 or up to plan limits, if lower. If your employer matches a portion of your contributions, make sure to contribute at least the amount your company will match. If you find you don’t have enough dollars to contribute the maximum allowed, look for debt to cut, starting with credit cards sporting the highest interest rates. Reducing debt should be a twin goal with saving more, because both actions will help to increase your retirement income.Explore IRAs
Another way to potentially increase your retirement income is by contributing to a traditional or Roth IRA. If you qualify by income, contributions to a traditional IRA are tax-deferred along with potential growth.While anyone can open a traditional IRA, eligibility to contribute to a Roth IRA depends on your income. The income phase-out range for single taxpayers and heads of households making contributions to a Roth is $120,000 to $135,000, while the income phase-out range is $189,000 to $199,000 for those who are married and file their taxes jointly. Contributions to all IRAs you own are limited to $5,500 annually.
To Your Health
If your company offers a Health Savings Account (HSA), contribute as much as allowed. Contributions, potential growth and qualified distributions are all tax-free. At age 65, you may take distributions without penalty for any reason, paying ordinary income tax on the amount of unqualified distributions.Age Pays
You can contribute even more to these retirement vehicles if you’re at least age 50. Contribute an extra $6,000 to a 401(k), $1,000 to an IRA and, if you’re over 55, $1,000 to an HSA.Nearing the final lap of your retirement savings efforts? Talk to a financial professional to learn how you can make the most of your final contribution push.
GE 2141123 (6/18)(Exp 6/20)
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Duly registered and licensed financial professionals offer securities through Equitable Advisors, LLC (NY, NY 212-314-4600), member FINRA,SIPC (Equitable Financial Advisors in MI & TN), offer investment advisory products and services through Equitable Advisors, LLC, an SEC-registered investment advisor, and offer annuity and insurance products through Equitable Network, LLC (Equitable Network Insurance Agency of Utah, LLC in UT; Equitable Network of Puerto Rico, Inc.). Equal Opportunity Employer - M/F/D/V. Equitable Advisors and its associates and affiliates do not provide tax, accounting, or legal advice or services. Representatives may transact business, which includes offering products and services and/or responding to inquiries, only in state(s) in which they are properly registered and/or licensed. Your connection to this website does not necessarily indicate that the sender is able to transact business in your state. The information in this website is not investment or securities advice and does not constitute an offer. For more information about Equitable Advisors, LLC you may visit https://equitable.com/crs to review the firm's Relationship Summary for Retail Investors and General Conflicts of Interest Disclosure.
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CFP®, and CERTIFIED FINANCIAL PLANNER™ are certification marks owned by the Certified Financial Planner Board of Standards, Inc. These marks are awarded to individuals who successfully complete the CFP Board's initial and ongoing certification requirements.
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