From the Desk of:
Nathan Woods, CFP®, Trust Officer
The answer, like it or not, is usually “Yes.”
For the 2015 tax year, you can fund an IRA with up to $5,500 ($6,500 if over age 50½) with tax-free earnings until assets are withdrawn. However, the average investor should likely save more than $5,500 (or $6,500) each year to retire comfortably. Quite a few options are available for additional savings, including IRAs for the self-employed, employer retirement plans such as a 401(k), and after-tax investment accounts.
To date, I haven’t found any retiree who wishes they saved less – more savings at retirement means doing more of what you want in retirement. Many financial calculators and relevant articles assist you in knowing how much you should consider saving, and everyone at The Trust Company is here to help, too. Whether you save $1 or $1 million this year, I hope 2015 turns out to be your best year yet.
Thank you for allowing me to be part of it.