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Friday, November 21, 2014

Retirement Saving Essential Tips

Everyone will face retirement at some of their life, either by choice or by necessity. Whatever age or life stages you are into, saving for retirement remains a wise financial strategy.

Here are eight essential tips for retirement savings that will put more money in your account.

1. Grab the 401(k) or 403(b) company match.
2. Claim little known retirement secret for legal double retirement plan contributions.
3. File for Uncle Sam’s middle- and lower-income taxpayer retirement savings credit.
4. Use the back door Roth IRA as a way to increase retirement savings.
5. Retire in Florida, Tennessee, South Dakota, Wyoming, Texas, Nevada, or Washington.
6. Self-employed? Make sure to take advantage of available retirement savings vehicles
7. Don’t overlook the Health Savings Account (HSA)
8. The benefits of getting older: If you’re over age 50, the tax system is your friend. Retirement plan contribution limits are raised, giving the older investor a chance to accelerate their retirement savings.

Automate your retirement savings and have the money transferred from your paycheck to the retirement account(s). The cash you can’t get your hands on is more money for your retirement nest egg.

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