Summary:
Want to give your retirement plan a serious boost? In this quick guide, Rich Collop, CFP, of Collop Capital shares five powerful strategies to help you grow — and protect — your nest egg. Whether retirement is right around the corner or still a few years off, these moves can help you make the most of your money.
Transcript:
In today’s video, we’re talking about five strategies to help boost your retirement savings. Remember, not every tactic fits every investor, so if you have questions about which ones make sense for your goals, reach out to us here at Collop Capital — Your Roadmap to Retirement.
1. Maximize your tax-advantaged contributions.
Make the most of your IRA and 401(k) plans. In 2023, you and your employer can contribute a combined $66,000 to a traditional 401(k), and up to $6,500 to an IRA.
2. Take advantage of catch-up contributions.
If you’re age 50 or older, you can contribute even more — up to an additional $1,000 for your IRA and $7,500 more for your 401(k). Those extra contributions can make a big difference over time.
3. Explore your HSA investment options.
If you have a Health Savings Account (HSA), remember that it’s more than a spending account — it can also be an investment tool. You can invest in stocks, bonds, or mutual funds to help cover healthcare expenses now and in retirement.
4. Consider a Roth conversion.
Rolling over funds from a traditional 401(k) into a Roth IRA can create a future source of tax-free income in retirement. It’s a strategic way to manage future taxes and gain flexibility later.
5. Assess your annuity options.
If you’ve already maxed out your 401(k) and IRA, an annuity can offer market participation with the potential for steady retirement income — giving you an added layer of security.
Whether your retirement date is right around the corner or still a few years away, now’s the time to make sure your money is working as hard as you are. Contact us at Collop Capital to ensure you’re maximizing your savings potential — and setting yourself up for the confident, comfortable retirement you deserve.
