In hopes of stimulating the economy during the COVID-19 pandemic, the federal government passed the CARES Act, that not only provided aid to those in need but included changes to your retirement plan. As we near the end of 2020, we wanted to provide you with the latest information on how the CARES Act impacts you, your retirement, and your taxes.
When it comes to planning for retirement it's never too late to get started. At JMB Financial Managers we recognize that despite our best efforts, sometimes life gets in the way our retirement planning and savings efforts. No matter what your current situation is, we’ve got retirement planning tips to guide your through your 40s and beyond.
A Few Simple Steps to Help You Get Started
For many, preparing for retirement can feel overwhelming, and can even become a barrier that keeps people from focusing on and implementing a retirement plan. If you haven’t started planning for your retirement, don’t wait, make today the day you begin planning for your future.
Qualified retirement plans are valuable investment tools. The money you put in them grows tax deferred until it is withdrawn at the time of your retirement and contributions to a 401(k) plan actually reduce your taxable income.
Whether you are already taking advantage of your employer’s retirement plan, still considering it, or have different investment methods in place to save for retirement, I encourage you to think more broadly about your retirement, and prepare for it between now and then. Today I’d like to share some timeless financial principals with you to apply to your personal situation.
In spite of what you may have heard, employee-funded 401(k) plans will continue to be the main source of retirement savings for many Americans for years to come, despite falling victim to scandal and stock market volatility in the past.
Since 401(k) plans are expected to be around for many years, we want to help you make the most of yours. Here are 8 tips to get you started.