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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: 732-326-5240
Fax: 732-326-5331
Robert: robert@richplanninggroup.com
Craig: craig@richplanninggroup.com
Website: www.richplanninggroup.com
July/August 2019
Halftime Review
As summer settles in, now is a good time to review your retirement savings strategy and fine-tune it if necessary. Here’s a look at some key areas to review:
Your Goals
Ask yourself if your retirement date, health and anticipated spending in retirement have changed. Perhaps you’re willing to live on less in order to retire earlier. Or maybe you believe you will travel more in retirement, which may require greater savings or a later retirement. If your goals are fluid, your strategy should adapt to them.Your Contributions
How much are you putting away toward retirement? Is the amount sufficient to help you reach your financial goals in retirement? If you are coming up short, contribute a little extra to your retirement plan. In 2019, you may contribute up to $19,000 annually (if your plan allows), plus an extra $6,000 if you are at least age 50. And if you contribute to a 401(k) plan, your contributions are tax-deferred.Your Investment Mix
Many near-retirees take a more conservative approach with their investments as they near their magic date. You may want to work with a financial professional to make sure your investment mix remains in line with your goals, attitude toward risk and time horizon.Your Debt
One important way to increase your disposable retirement income is to shed as much debt as you can leading up to your big date, starting with credit card balances. If you’re used to buying a new vehicle every few years, try keeping it a while after paying it off. The money you save can go toward paying down other debt.Your Retirement Income
How much you put away for retirement and how much of it you can spend are two different animals. That’s because taxes can have a significant impact on your disposable income. Downsizing your home and even renting can reduce the real estate taxes you’ll pay. If you’re open to moving, you might want to examine states that treat the taxation of retirement income and Social Security payments favorably. Or, if you qualify by income, consider opening a Roth IRA with its tax-free withdrawals in retirement.GE-2374152d (2/19)(Exp. 2/21)
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Securities offered through Equitable Advisors, LLC (NY,NY (212) 314-4600), member FINRA,SIPC (Equitable Financial Advisors in MI & TN). Investment advisory products and services offered through Equitable Advisors, LLC, an SEC-registered investment advisor. Annuity and insurance products offered through Equitable Network, LLC, which conducts business in California as Equitable Network Insurance Agency of California, LLC; in Utah as Equitable Network Insurance Agency of Utah, LLC; and in PR as Equitable Network of Puerto Rico, Inc. Equitable Advisors and Equitable Network are affiliated companies and do not provide tax or legal advice.
R.I.C.H. Planning Group, LLC is not owned or operated by Equitable Advisors or Equitable Network. Equitable Advisors and Equitable Network are brand names for Equitable Advisors, LLC and Equitable Network, LLC, respectively.
GE-4833845.1 (7/22)(Exp. 7/24)
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