Give Yourself A Gift – Save For Retirement!

Now that it is the New Year, we all have that annual chore of compiling a years worth of paperwork to get ready to do our income taxes. One thing that many people forget is that it should also be the time to decide how much are they going to put away for retirement. 

If you are putting away through a managed plan through work – great – then you are doing your due diligence on a regular basis.Unfortunately for a variety of reasons, many small businesses do not have that kind of set up. So when it comes to year end, the burden is on the individual to make the choice to put money away for the future.

It is never too early or too late to start. An individual up until the age of 49 can put away $5,500.00 per year. 50 and over you can play “catch-up” and put away $6,500.00 per year! Not only are you saving for retirement, you also get yourself a very nice tax deduction, (This can vary based on your modified adjusted gross income).

You have until April 15, 2015 to make a contribution for 2014 tax year. So if you have not started yet, you have over three months to put aside money from each paycheck in order to make your 2014 contribution. Even if you can’t put away the full amount, putting away something is better than nothing. In these economic times you can never have too much money put away for your future!

H.B.