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Growing Your Retirement Funds Faster

By May 31, 2016October 13th, 2022No Comments

Recent market volatility may have left you staring at your 401(k) in dismay. If you’re not seeing the results you want, there are ways to help grow your 401(k) faster.

Of course, the most obvious solution would be to contribute more. If you get a raise – raise your contribution amount. Hopefully, you’re already taking advantage of “free money” and contributing the full amount your employer matches, but you can always go above that amount as well. Apply any windfall money you come across, including work bonuses, to your retirement accounts. And if you leave your job, don’t leave your 401(k) behind. Rollover your 401(k), and you can avoid many administration fees or other expenses.

Growing your retirement nest egg quickly usually requires much more than just funding your 401(k). Opening a Roth IRA will allow you to build potentially tax-free savings – up to $6,500 annually if you’re 50 or over – in addition to your tax-deferred employer plan.

A Health Savings Account (HSA) is another vehicle that can be used to increase your retirement savings. HSAs offer great tax advantages, with no taxes levied on contributions, earnings and withdrawals for qualified health care purchases. Even if you’re relatively healthy, you’ll still need funding for even basic or preventative health care along the way. And any funds left in your HSA after age 65 can then be used for nonmedical expenses as well.

As with all retirement accounts, it’s best to wait until retirement to tap into your HSA. That way – should you be forced to retire earlier than expected – you’ll still have tax-free funding available to cover health care expenses.

Funding your retirement goes well beyond your employer-sponsored 401(k) account. By looking at other tax-friendly savings vehicles, you can potentially save for retirement quicker and possibly save even more overall. To review your retirement savings plan and ensure you’re taking advantage of all the savings vehicles available to you, contact Jordan Dechtman, Denver wealth manager by calling 303-741-9772, email him at Jordan@JordanDechtman.com or visit our website www.JordanDechtman.com to schedule an appointment.

Important Disclosure Information

Please remember that past performance may not be indicative of future results.  Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Dechtman Wealth Management, LLC [“DWM”]), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful.  Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions.  Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from DWM. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. DWM is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the DWM’s current written disclosure Brochure discussing our advisory services and fees is available for review upon request or at www.dechtmanwealth.com.

Please Note: DWM does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to DWM’s web site or blog or incorporated herein, and takes no responsibility for any such content. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.

Please Remember: If you are a DWM client, please contact DWM, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services.  Unless, and until, you notify us, in writing, to the contrary, we shall continue to provide services as we do currently.

Please Also Remember to advise us if you have not been receiving account statements (at least quarterly) from the account custodian.

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