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Robert A. Imparato, Jr CFP®
CERTIFIED FINANCIAL PLANNER™ professional
Craig A. Hyldahl CFP®
CERTIFIED FINANCIAL PLANNER™ professional
R.I.C.H. Planning Group, LLC
105 Fieldcrest Avenue, Suite #507
Edison, NJ 08837
Robert: 732-326-5240
Craig: 732-326-5241
Fax: 732-326-5331
Robert: robert@richplanninggroup.com
Craig: craig@richplanninggroup.com
Website: www.richplanninggroup.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.
R.I.C.H. Planning Group, LLC is not owned or operated by Equitable Advisors or Equitable Network. GE-6572038.1 (4/24)(Exp. 4/26)
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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