Retirement Moves to Make in the New Year

When you start thinking back on all the positive changes you made and things you

accomplished last year, does your retirement plan pop into your head? We’re hoping

that you’ve spent the last 12 months doing all that you can to set yourself up for a

comfortable retirement, but in case you slacked a bit, here are a few retirement moves to

make in the New Year.

Take Your Required RMDs

Once you turn 70.5, you have to start withdrawing money for your traditional IRAs as

well as your 401(k) or similar employer-sponsored retirement plans — unless you’re

still employed by that sponsor — by December 31st. If you don’t take the

required distribution, the IRS will hit you with a 50% penalty on the money you didn’t

take but should have.

Contribute to Your Employer-Sponsored Retirement Plan

If you’re under 50 year olds, you can contribute up to $18,000 to your employer-

sponsored retirement plan and up to $24,000 if you’re over 50. Not only will you be

putting more into your plan, but that is a good amount of money you can save in a

tax-deferred account.

Rebalance Your Portfolio

A lot of people go years without checking their portfolios. You should be checking

yours regularly to make sure it is appropriate for the risk level it’s currently at. What

may have been a good amount of risk 10 years ago may not work today, so it’s important

to rebalance your portfolio to align with current returns and your specific needs.

At American Investment Planners LLC, we want to help you and your money stay safe,

which is why we make it a priority to help you prepare for the best financial future possible.

From managing your cash to retirement plans, we’re here to help with anything you may

need. To schedule an appointment with one of our advisors, please call (516) 932-5130 or

email info@americaninvestmentplanners.com.