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Have you ever really stopped to think what making your annual contribution into your IRA of $5,500 does for you?
Good news, you don’t have to… I have done that for you!
Every tax year you probably get a suggestion from your CPA or you tax software that you can save some money on your taxes by making a simple contribution to your IRA. That’s great, but here is something even greater… Every year you DO contribute this $5,500, you essentially create a year of $120,000 for yourself at retirement!
Imagine this, you fund your IRA for 40 years… by doing this, you will have created $120,000 of income for yourself for 40 years… Are you getting excited about this yet?!
Here are your three easy steps to doing this…
- Start young – If you want to retire at age 65 with this income, you need to start doing this at age 25! If you want to retire at age 70, then you need to start this by age 30! You see how this works?!?!
- Build it into the budget – lets think about this… $5500.00/12= $458.33 per month in contributions now to have 10,000 a month in 40 years… For me, that new car can wait…
- Use a good investment – A savings account will not get you 8%, nor will it for the foreseeable future. Talk to your financial planner to see what type of IRA investment account is right for you. If you don’t have one, come see us! We love talking with anyone and everyone about this… If you are 25 and want to start saving, we are the planners to help you with it! If you are 40, and you need to start saving, we would love to help you too!
Want to make your IRA contribution now? Click here to schedule some time for us to do it!
Disclosure: These calculations were made assuming an 8% return over a 40-year time period. All information or ideas provided should be discussed in detail with an advisor prior to implementation.