Infographics: 7 Retirement Savings Goals for 2017
“Goals are like magnets. They’ll attract the things that make them come true.” ~ Tony Robbins
It’s the end of 2016 and an all new 2017 stands at your door. While enjoying the holidays with your family is an excellent way to begin the New Year, a little financial planning for the year would do no harm.
When it comes to achieving financial success, it is all about making informed decisions at regular intervals. Our team has put together a small list of goals for 2017 that will help you achieve financial freedom.
- Save your raise: It’s really tempting to get that new SUV you had your eyes on, but when thinking rationally, do you really require that? Put your needs before your wants and direct at least a portion of your raise towards your retirement funds.
- Get a 401k match: If your employer offers a 401k match, make sure to match those contributions. It’s free money which will have a substantial impact on your retirement fund in the long run.
- Choose self-directed IRA: Gaining complete control over your retirement funds is an exciting proposition. A self-directed IRA allows you to invest your retirement money in different types of financial assets, including real estate, private equity, and personal lending among other investment options. However, seek professional guidance before taking any investment decisions.
- Redirect debt payments to savings: If you have one or more debts paid off in 2016, redirect those debt payments towards your retirement savings. It will allow you to save more for retirement without any additional financial burden.
- Add Roth savings to your portfolio: Roth retirement plans allow you to receive tax-free income in retirement. On top of the tax-free income, any capital gains on your financial assets are tax-free, provided you satisfy some IRS regulations.
- Choose assets that align with your retirement goals: When creating your retirement portfolio, add financial assets that can fulfill your retirement goals. A self-directed retirement plan, Solo 401k and SD IRA, offers multiple investment options. When necessary, seek professional advice.
- Understand plan/investment cost: When choosing a retirement plan or investment, compare plan costs with expected returns. A plan with nil cost may not be the best option if not offering your desired rate of returns.
What are your plans for 2017?
Feel free to drop any questions in the comment section and our team will be happy to answer.