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Beth A. Botti, CFP®, ChFC, CLU, CDFA™
Financial Consultant
California Insurance License #0G24537
612 Wheelers Farms Road, Milford, CT 06460
Phone: 203-877-6556 Ext. 169
Fax: 203-301-0736
Email: beth.botti@equitable.com
January/February 2018
Build a Bigger Retirement Fund
Are you lagging behind where you’d like to be in saving for retirement? It may be hard to focus on saving for a future event when you have many priorities that you need money for right now. After all, what good is saving for retirement if you can’t pay your bills today?
Still, taking steps to be financially prepared for retirement isn’t something you can put off. One way to save enough money to enjoy a comfortable retirement is to begin setting aside as much as you can, as soon as you can. Here are a few simple strategies that may help.
Invest automatically
An automatic investing plan ensures that a portion of your pay will be deposited in a retirement account before you get your paycheck. Having funds automatically deducted from your paycheck can help you save, since you won’t have that money in your possession to spend on something else. And there’s another potential benefit to automatic deduction. If you’re making pretax contributions to an employer’s qualified retirement plan, the funds will go into your account before taxes are taken out, potentially lowering your current taxable income.
Beef up your account
A tax refund or year-end bonus can do double duty when you set aside a portion to spend on something fun and add the rest to a retirement account. The extra money you invest in your account has the potential to bring you even greater benefits in the future.
Consider your options
If you cash out of your employer’s retirement plan when you change jobs, you’ll generally owe taxes—and possibly penalties—on the distribution. And, if you spend the money, it won’t be there when you need it at retirement. Instead, you might consider leaving your money in the retirement plan, if possible, or rolling it over to your new employer’s retirement plan or an individual retirement account.
Remember, too, that borrowing from your retirement plan account—even though you repay the loan and interest to yourself—means that the money you borrow isn’t available to potentially help your investments grow.
Your situation is unique, so be sure to consult a financial professional before taking action.
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Duly registered and licensed financial professionals offer securities through Equitable Advisors, LLC (NY, NY 212-314-4600), member FINRA,SIPC (Equitable Financial Advisors in MI & TN), offer investment advisory products and services through Equitable Advisors, LLC, an SEC-registered investment advisor, and offer annuity and insurance products through Equitable Network, LLC (Equitable Network Insurance Agency of Utah, LLC in UT; Equitable Network of Puerto Rico, Inc.). Equal Opportunity Employer - M/F/D/V. Equitable Advisors and its associates and affiliates do not provide tax, accounting, or legal advice or services. Representatives may transact business, which includes offering products and services and/or responding to inquiries, only in state(s) in which they are properly registered and/or licensed. Your connection to this website does not necessarily indicate that the sender is able to transact business in your state. The information in this website is not investment or securities advice and does not constitute an offer. For more information about Equitable Advisors, LLC you may visit https://equitable.com/crs to review the firm's Relationship Summary for Retail Investors and General Conflicts of Interest Disclosure.
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CFP®, and CERTIFIED FINANCIAL PLANNER™ are certification marks owned by the Certified Financial Planner Board of Standards, Inc. These marks are awarded to individuals who successfully complete the CFP Board's initial and ongoing certification requirements.
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