Are you participating in an employer-sponsored retirement plan? If your company has one, consider yourself fortunate. But if you’ve been ignoring whatever your company is offering or you don’t have access to an employer-sponsored retirement plan, now is the time for planning to save for retirement.
Save For Retirement
A good plan to save for retirement will allow you to defer taxes on whatever you contribute to your retirement plan until you begin to withdraw money, presumably in your retirement. Granted, you won’t see the money you contribute until you retire, but committing to a plan to make regular contributions is one way of forcing yourself to save for the future. Taking money out before you’re 59 ½ usually results in a hefty excise tax, so don’t even think about it!
A primary reason a retirement account is such a good idea is compounding interest and growth in investments over time. When choosing your investments, you can decide exactly how aggressive or conservative you wish to be. As an advisor, we can help you decide how best to diversify your portfolio.
It’s important to your financial security to take a fresh look at your financial situation every new tax year. People who wind up in a good place with a plan to save for retirement don’t often get there by accident. Talking with one of our wealth management advisors to determine what you can do to minimize your tax burden this year and take advantage of every tax deduction and credit available to you is just good sense.
ARE YOU IN THE KNOW?
People who understand their wealth management issues, set goals and find out what it takes to potentially meet them are more likely to reach their goals or come close.
Are you going to be okay in meeting your financial goals and what you need to do? If the answer is no or you are unsure about your current approach, let’s get started with setting your planning to save for retirement goals and get you on track by clicking on the button below.
Tax Samaritan is a team of Enrolled Agents with over 25 years of experience focusing on US tax preparation and representation. We maintain this tax blog where all articles are written by Enrolled Agents. Our main objective is to educate US taxpayers on their tax responsibilities and the selection of a tax professional. Our articles are also designed to help taxpayers looking to self prepare, providing specific tips and pitfalls to avoid.
When looking for a tax professional, choose carefully. We recommend that you hire a credentialed tax professional such as Tax Samaritan that is an Enrolled Agent (America’s Tax Experts). If you are a US taxpayer overseas, we further recommend that you seek a professional who is experienced in expat tax preparation, like Tax Samaritan (most tax professionals have limited to no experience with the unique tax issues of expat taxpayers).
Randall Brody is an enrolled agent, licensed by the US Department of the Treasury to represent taxpayers before the IRS for audits, collections and appeals. To attain the enrolled agent designation, candidates must demonstrate expertise in taxation, fulfill continuing education credits and adhere to a stringent code of ethics.
Every effort has been taken to provide the most accurate and honest analysis of the tax information provided in this blog. Please use your discretion before making any decisions based on the information provided. This blog is not intended to be a substitute for seeking professional tax advice based on your individual needs.