{"id":915,"date":"2022-01-26T15:25:44","date_gmt":"2022-01-26T15:25:44","guid":{"rendered":"http:\/\/gpswp.com\/bradyassetmanagement-2\/?p=915"},"modified":"2024-02-02T23:09:59","modified_gmt":"2024-02-02T23:09:59","slug":"five-tips-to-regain-your-retirement-savings-focus","status":"publish","type":"post","link":"https:\/\/gpswp.com\/bradyassetmanagement-2\/2022\/01\/26\/five-tips-to-regain-your-retirement-savings-focus\/","title":{"rendered":"Five Tips to Regain Your Retirement Savings Focus"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large is-resized\"><img loading=\"lazy\" src=\"http:\/\/gpswp.com\/bradyassetmanagement-2\/wp-content\/uploads\/sites\/833\/1643210667_fivetipstoregainyourretirement_websiteimage-1024x1024.png\" alt=\"\" class=\"wp-image-920\" width=\"357\" height=\"357\" srcset=\"https:\/\/gpswp.com\/bradyassetmanagement-2\/wp-content\/uploads\/sites\/833\/1643210667_fivetipstoregainyourretirement_websiteimage-1024x1024.png 1024w, https:\/\/gpswp.com\/bradyassetmanagement-2\/wp-content\/uploads\/sites\/833\/1643210667_fivetipstoregainyourretirement_websiteimage-300x300.png 300w, https:\/\/gpswp.com\/bradyassetmanagement-2\/wp-content\/uploads\/sites\/833\/1643210667_fivetipstoregainyourretirement_websiteimage-150x150.png 150w, https:\/\/gpswp.com\/bradyassetmanagement-2\/wp-content\/uploads\/sites\/833\/1643210667_fivetipstoregainyourretirement_websiteimage-768x768.png 768w, https:\/\/gpswp.com\/bradyassetmanagement-2\/wp-content\/uploads\/sites\/833\/1643210667_fivetipstoregainyourretirement_websiteimage.png 1080w\" sizes=\"(max-width: 357px) 100vw, 357px\" \/><\/figure>\n\n\n\n<p><strong>In early 2020, 61% of U.S. workers surveyed said that retirement planning makes them feel stressed.1 Investor confidencewas continually tested as the year wore on, and it\u2019s likely that this percentage rose \u2014 perhaps even substantially. If you find yourself among those feeling stressed heading into the new year, these tips may help you focus and enhance your retirement savings strategy.<\/strong><\/p>\n\n\n\n<ol type=\"1\"><li><strong>Consider increasing your savings by just 1%. <\/strong>If you participate in a retirement savings plan at work, commit to increasing your contribution rate by just 1%, and then try to increase it again whenever possible until you reach the maximum amount allowed. The chart below illustrates the powerful difference contributing just 1% more each year can make over time.<\/li><\/ol>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img loading=\"lazy\" src=\"http:\/\/gpswp.com\/bradyassetmanagement-2\/wp-content\/uploads\/sites\/833\/Picture1.png\" alt=\"\" class=\"wp-image-916\" width=\"680\" height=\"124\" srcset=\"https:\/\/gpswp.com\/bradyassetmanagement-2\/wp-content\/uploads\/sites\/833\/Picture1.png 555w, https:\/\/gpswp.com\/bradyassetmanagement-2\/wp-content\/uploads\/sites\/833\/Picture1-300x55.png 300w\" sizes=\"(max-width: 680px) 100vw, 680px\" \/><\/figure>\n\n\n\n<ul><li><strong>Review your tax situation.<\/strong>&nbsp; It makes sense to review your retirement savings strategy periodically in light of your current tax situ-ation. That\u2019s because retirement savings plans and IRAs not only help you accumulate savings for the future, they can help lower your income taxes now.<\/li><\/ul>\n\n\n\n<p>Every dollar you contribute to a traditional (non-Roth) retirement savings plan at work reduces the amount of your current taxable income. If neither you nor your spouse is covered by a work-based plan, contributions to a traditional IRA are fully deductible up to annual limits. If you, your spouse, or both of you participate in a work-based plan, your IRA contributions may still be deductible unless your income exceeds certain limits.<\/p>\n\n\n\n<p>Note that you will have to pay taxes on contributions and earnings eventually, when you withdraw the money. In addition, withdraw-als prior to age 59\u00bd may be subject to a 10% penalty tax, unless an exception applies.<\/p>\n\n\n\n<ul><li><strong>Rebalance, if necessary. <\/strong>Market turbulence throughout the past year may have caused your target asset allocation to shift toward a more aggressive or conservative profile than is appropriate for your circumstances. If your portfolio is not rebalanced automatically, now might be a good time to see if adjustments need to be made.<\/li><\/ul>\n\n\n\n<p>Typically, there are two ways to rebalance: (1) you can do so quickly by selling securities or shares in the overweighted asset class(es) and shifting the proceeds to the underweighted one(s), or (2) you can rebalance gradually by directing new investments into the un-derweighted class(es) until the target allocation is reached. Keep in mind that selling investments in a taxable account could result in a tax liability. Asset allocation is a method used to help manage investment risk; it does not guarantee a profit or protect against invest-ment loss.<\/p>\n\n\n\n<ul><li><strong>Revisit your savings goal.<\/strong> When you first started saving in your retirement plan or IRA, you may have estimated how much you might need to accumulate to retire comfortably. If you experienced any major life changes during the past year \u2014 for example, a change in job or marital status, an inheritance, or a new family member \u2014 you may want to take a fresh look at your overall savings goal as well as the assumptions used to generate it. As circumstances in your life change, your savings strategy will likely evolve as well.<\/li><\/ul>\n\n\n\n<ul><li><strong>Understand all your plan&#8217;s features.<\/strong> Work-based retirement savings plans can vary from employer to employer. How familiar are you with your plan\u2019s specific features? Does your employer offer a matching and\/or profit-sharing contribution? Do you know how it works? Are company contributions and earnings subject to a vesting schedule (i.e., a waiting period before they become fully yours) and, if so, do you understand the parameters? Does your plan offer loans or hardship withdrawals? Under what circumstances might you access the money? Can you make Roth or after-tax contributions, which can provide a source of tax-free income in retirement? Review your plan\u2019s Summary Plan Description to ensure you take maximum advantage of all that your plan has to offer.<\/li><\/ul>\n\n\n\n<p><strong>All investing involves risk, including the possible loss of principal, and there is no guarantee that any investment strategy will be successful.<\/strong><\/p>\n\n\n\n<p><strong>1) Employee Benefit Research Institute, 2020<\/strong><\/p>\n\n\n\n<p><strong>This information is not intended as tax, legal, investment, or retirement advice or recommendations, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek guidance from an independent tax or legal professional. The content is derived from sources believed to be accurate. Neither the information presented, nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Broadridge Advisor Solutions. \u00c2\u00a9 2021 Broadridge Financial Solutions, Inc.<\/strong><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In early 2020, 61% of U.S. workers surveyed said that retirement planning makes them feel stressed.1 Investor confidencewas continually tested as the year wore on, and it\u2019s likely that this percentage rose \u2014 perhaps even substantially. If you find yourself among those feeling stressed heading into the new year, these [&#8230;]<br \/><a class=\"read-more small\" href=\"https:\/\/gpswp.com\/bradyassetmanagement-2\/2022\/01\/26\/five-tips-to-regain-your-retirement-savings-focus\/\">Continue Reading <i class=\"fa fa-long-arrow-right\"><\/i><\/a><\/p>\n","protected":false},"author":1,"featured_media":920,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.7.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Five Tips to Regain Your Retirement Savings Focus - Brady Associates Asset Management<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Five Tips to Regain Your Retirement Savings Focus - Brady Associates Asset Management\" \/>\n<meta property=\"og:description\" content=\"In early 2020, 61% of U.S. workers surveyed said that retirement planning makes them feel stressed.1 Investor confidencewas continually tested as the year wore on, and it\u2019s likely that this percentage rose \u2014 perhaps even substantially. 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