Robert W. Breske

 

BRESKE & BRESKE, INC.

 

4447 Edgewater Dr., Orlando, FL 32804

 

Phone:    407-521-4570

Fax:        407-521-4571

Toll Free: 877-902-1920

 

Email: breske@breskeandbreske.com

Website: www.breskeandbreske.com

July/August 2022

Start Early

Start Early

When you're just starting out in the workforce, you may be spending most of your paycheck on living expenses. So, finding extra money to contribute toward retirement might not be a priority. But the fact is, saving for retirement during the early years of your career can potentially make a big difference in the amount of money you're able to accumulate.


Your Goals
While it might be difficult to imagine what kind of lifestyle you’ll want 40 or 50 years from now, thinking about your goals can help you determine how much you should set aside for retirement. In addition to your retirement lifestyle, remember to consider the amount you might need for health care costs or unexpected life events, such as disability or job loss.


Money for Emergencies
As soon you as you begin working, start setting aside money in an emergency fund. Your goal should be to save three to six months’ worth of living expenses in an account that you can access quickly without paying a penalty on withdrawals.


Your Employer’s Plan
Contributing a portion of your earnings to your employer’s 401(k) plan (or another qualified retirement plan) allows you to save money for the future and reduces your current income tax bite. Although you’ll pay taxes when you withdraw the money, your contributions and any earnings will have many years to potentially compound and grow tax deferred. A rule of thumb is to contribute at least 15% of your income to your plan. For 2022, you can set aside up to $20,500 in a tax-deferred account. If your employer matches a percentage of your contributions, make sure you take full advantage of these matching funds.


Tax-free Growth
A Roth IRA allows you to contribute after-tax money to an individual retirement account and make tax-free withdrawals of all contributions and earnings. To withdraw the gains without penalty, you must be at least age 59½ and have held the account for at least five years. If you’re under age 50, you can contribute up to $6,000 in 2022. However, income limits apply. Consult your financial professional, who can help you set goals and choose investments to help you reach them.


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Securities and investment advisory services offered through Royal Alliance Associates, Inc. member FINRA/SIPC. Royal Alliance Associates, Inc. is separately owned and other entities and/or marketing names, products or services referenced here are independent of Royal Alliance Associates, Inc.
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