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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
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.
GE-2441510a (04/19)(Exp. 04/21)
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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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