» Estate Planning Attorney with Gilfix & LaPoll Suggests Retirement Savings Tips

Estate Planning Attorney with Gilfix & LaPoll Suggests Retirement Savings Tips

Palo Alto, CA (Law Firm Newswire) December 17, 2013 – A prominent estate planning attorney says that autumn is the season to take stock of one's retirement savings.

“As we draw close to the end of the year, it is a good time to think about whether your retirement savings plan is on track,” said Michael Gilfix.

For many people, a 401(k) is a key part of their retirement savings plan. If an employer matches contributions, then it is a good idea to contribute at least the amount that will be matched. But according to Gilfix, one may want to contribute even more (up to the allowable maximum per year). The end of the year is a good time to reassess one's contributions.

“Many people contribute just the amount that their employer matches, but you may want to consider contributing more, up to the maximum, which is $17,500 per year,” said Gilfix, a Palo Alto attorney. “A person age 50 or older can contribute an additional $5,500.”

Gilfix said that 401(k) plans are a smart way to save because funds are deducted from one's paycheck before taxes. The savings are tax-deferred until they are withdrawn during retirement.

Gilfix said that a Roth IRA is another good way to save for retirement.

“While a traditional IRA grants a tax break on money deposited into the account, a Roth IRA gives you a tax break on the money you withdraw during retirement,” said Gilfix. “For 2013, the maximum contribution to a Roth IRA is $5,500, and people age 50 or older can add an additional $1,000.”

Gilfix said that one should take stock of one's retirement savings plan at least once each year, including investment portfolios. Make sure that investments are balanced; rebalancing one’s assets is a crucial step to keeping investments at the right mix of performance and stability.

“If you have investments in stocks and bonds, now is an excellent time to take a close look and see how they have been performing, and what other options are available to you,” said Gilfix. “It is important to maintain a balanced portfolio.”

Facebook: Like Us!

  • Considering the move to an active-adult community? We’ve got advice on evaluating the options.
    As retirement nears, many older adults consider the benefits that an active-adult community can offer. For some, the option to downsize out of an over-large house can mean a more comfortable retirement and a larger estate to pass on to heirs. For others, the proximity to recreation and community promises to help keep them active […]
  • Go Red for American Heart Month: Four fun ways to get heart-healthy with loved ones
    February is a time for matters of the heart -- and that includes heart health. This month is American Heart Month, and groups like the American Heart Association want to get people talking about how to prevent heart disease, the number one killer of both men and women in the United States. The risk of […]
  • Despite Pervasive Myths, Estate Planning Significantly Benefits Young and Growing Families
    One of the most pervasive myths about estate planning is that it is most crucial for the elderly. According to a national estate planning survey, this myth is one reason that the majority of people under the age of 34 do not have a will. But young adults, and especially young adults with growing families, […]
  • Increasing focus on the “invisible patient:” it’s time to recognize and treat caregiver burden
    It has long been known that those who care for an elderly or incapacitated loved one can suffer physically, psychologically, financially and socially. These caregivers have been known for years in the medical community as the “invisible patients.” Little has been done for them. According to the New York Times, there are more than 40 […]
  • Estate planning and the single person
    Many discussions about estate planning revolve around couples and families. Yet a large percentage of Americans are single. Some are divorced, others are widowed and still others never married. Single people may want to adopt estate planning strategies that differ somewhat from those a married couple would use, depending on the situation. For example, an […]

See other news sources publishing this article. BETA | Tags: , , , , ,



Get headlines from Law Firm Newswire sent right to your inbox.

* indicates required