Ruminations of a Taco-Obsessed Philly Native

David Giertz is concerned with the insufficient retirement plans by most Americans who do not save enough money for life after retirement. A good number of people begin withdrawing social security disbursements very early in life cutting down on the amount they will be paid out. It also implies to low monthly payments as people are not patient enough to wait for retirement age. The mistakes come about as people do not start saving money early enough in their lives. Saving money six years to retirement can be difficult unlike when you start saving in your 20’s making it a disciplined culture early in life.

Young people should take advantage of the various retirement plans available in the US as advised by David. Roth individual retirement accounts (IRAs) provide one of the best retirement plans in the US because they are run by the government and area employer-supported. Individuals can contribute no more than $5,500 for those below 50 years and $6,500 for those over. Since most single people cannot contribute fully to their Roth IRAs unless they earn $120,000-135,000, it is crucial for them to start saving when they are still young.

410 (k)s are another type of savings account. Starting this year, yearly contributions for 401(k)accounts will rise to $18,500. David recommends that young people take the Savers’ Credit known as the Retirement Savings Contribution Credit seriously. They can make annual contributions of up to $31,500 when they file as singles before they enter into a marriage where couples reporting filing status as married contributes $63,000 annually.

For health savings account, young people should start saving the $3,450 for singles, and when they hit 65 years, they can spend their share anything without penalties. David Giertz says that the earlier one plans for retirement, the more comfortable they will manage to contribute towards the plan avoiding panic when retirement nears. David Giertz has over 30 years experience working in financial services, developing his skills and knowledge as a financial adviser in retirement and other areas.

NO COMMENTS

You must be logged in to post a comment.