» 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 The savings are tax-deferred until they are withdrawn during retirement.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!

  • California couple’s eviction highlights dangers of elderly financial abuse
    The elderly can be vulnerable to various forms of elder abuse, one of which is financial exploitation. Financial exploitation involves unauthorized use of an elderly person’s finances or property, either by a family member, caregiver or an unknown scammer. The media recently reported the case of an elderly California couple who faced eviction from their […]
  • ‘Finding Dory’ puts spotlight on children with special needs
    Pixar’s recent film “Finding Dory” will have resonance for parents who have children with special needs. The animated film is the sequel to the 2003 blockbuster “Finding Nemo.” It tells the tale of a blue tang fish named Dory who suffers from short-term memory loss. She cannot remember names, faces or even her way back […]
  • Thank You For Making our 13th Annual Special Needs Seminar our Best Yet
    Gilfix and La Poll wishes to thank the hundreds of attendees, and wonderful nonprofit co-sponsors, for making our 13th annual Special Needs Seminar our best yet! We were overwhelmed with the response, and with all of the kind comments we received from seminar attendees. We were also thrilled to see many attendees connecting with co-sponsor […]
  • Gilfix and La Poll invites families to attend 13th Annual Special Needs Trust Seminar
    Let’s face it, everyone is worried about the future of government benefits and how individuals with special needs will be cared for. To address this attorneys Michael Gilfix and Mark Gilfix of Gilfix and La Poll Associates are offering a free special needs planning seminar on Wednesday, May 10, 2017 in Palo Alto, California. The […]
  • Autism costs rise dramatically with age: study
    Caring for individuals with autism and other special needs tends to involve a lifetime of expenses, whether it is paying for caregivers, accommodation or daily necessities. A study from the University of California, Davis (UCD), shows California spends significantly more on adults with autism compared to children who have the disorder. Researchers found state expenditures […]

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



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

* indicates required