We’re continuing our discussion of advice for retirement planning. The beginning of the year is a great time to consider your goals and to assess whether or not your plan could use an update in any way. Here are three more tips for those of you in the Irvine area looking for a retirement planner.
How many streams of income will you have?
There was a time when securing enough retirement income might have been as easy as working long enough at your job to qualify for your pension. Things have grown more complicated since these “simpler times,” but securing enough income is still and achievable goal. Having a solid 401(k) is a wonderful start, but that may not be enough to guarantee your standard of living. If you haven’t already, why not use 2017 to research additional types of income? IRAs can be a good way to add another vehicle for savings, giving you the ability to put more of your money away to grow tax-deferred. There are still other options such as annuities, which can be dependable income generators. Still other investments, like real estate, can further add diversity to your retirement plan. For 2017, see if your plan couldn’t benefit from another stream of income.
Year-end bonus? Consider saving a portion
Hopefully your employer is not the type to simply give its employees a Target gift card, or worse—the much- derided “Cheese of the Month Club” subscription… If you get a holiday bonus from your work, one great option is to save a portion of it. Large sums of money that arrive outside of your normal income can be ideal opportunities for savings boosts, because if you’re able to fight the urge to spend it, and simply stash the money away, you more than likely won’t even miss it.
‘Tis the Season
You likely saw countless volunteers collecting donations for the needy this holiday season, which should serve to remind us all that the holiday season is a time to consider those in need. However, rather than impulsively giving a few dollars here and there outside the department store, why not take time to plan a donation to a cause and charity you’re passionate about? Depending on where you’re at, it can be a big tax advantage to do so. Also, if you’re already retired and worrying about RMDs (Required Minimum Distributions), a charitable donation can help you to avoid penalties. Be sure to consult your retirement planner and/or tax professional to ensure that you use the best strategy for year-end charitable giving.
The beginning of the year can be a time to take your retirement planning seriously. Looking for a retirement planner in the Irvine area? Call a retirement professional at Miramontes Capital.
Miramontes Capital is a Registered Investment Adviser. Advisory services are only offered to clients or prospective clients where Miramontes Capital and its representatives are properly licensed or exempt from licensure. This video is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Miramontes Capital unless a client service agreement is in place. Miramontes Capital is a Registered Investment Adviser. Advisory services are only offered to clients or prospective clients where Miramontes Capital and its representatives are properly licensed or exempt from licensure. This video is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Miramontes Capital unless a client service agreement is in place.