As we prepare to close out 2019, it’s important to stay focused on your financial goals during this very busy time of year.
Our team of experts spoke with some of the country’s leading financial news sources to share how retirement savers can get in shape for a strong start to 2020. Here are our top suggestions:
If You Aren’t Participating In Your Company’s Retirement Savings Plan, Enroll.
When it comes to saving for retirement, the hardest but most important step is getting started, according to our Founder and CEO Chad Parks.
Chad spoke with Grow, a personal finance site affiliated with CNBC, to explain why it’s critical to reconsider taking advantage of your workplace retirement benefits during open enrollment season, which typically occurs during the last few months of the year. Chad also explained the benefits of contributing to a 401(k) and why, even if your company isn’t offering a match, it pays to participate and take advantage of tax savings.
Increase Contributions to Your Retirement Savings Account.
Every fall, the IRS announces new contribution limits for retirement savings accounts for the upcoming year. These guidelines are incredibly important for savers as new restrictions, or lack thereof, can have a big impact on your nest egg over time.
In the new year, 401(k) participants will be able to contribute an extra $500 to their accounts for a total annual limit of $19,500, while the annual contribution limit for IRA accounts remains unchanged at $6,000.Read full article