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Craig Lundquist, MBA, ChFC®, CRPC®
VP of Wealth Management
651-773-2757
Kristin Becker
Senior Administrative Assistant
651-773-2821
Ideal Wealth Advisors
Located at Ideal Credit Union
8499 Tamarack Road
Woodbury, MN 55125
CRPC conferred by College for Financial Planning
November/December 2023
Retirement Planning: Moves to Make at Year-end
What comes to mind when you think about retirement? Chances are good that money is on the list. As the new year approaches, consider the steps you’ve taken and those you could take to help ensure a comfortable lifestyle once you retire.
Ballpark Your Retirement Needs
It is impossible to know how many years you’ll spend in retirement. You could be retired for 15, 20, or 30 years, or longer. So, maximizing your savings rate to accommodate longevity is critical. For 2023, you can set aside up to $22,500 in a 401(k) or other qualified retirement plan. Savers age 50 or older can make an additional catch-up contribution of $7,500. You have until December 31 to increase contributions.IRAs: Another Way to Save
Traditional and Roth Individual Retirement Accounts (IRAs) offer another way to save for retirement. With a traditional IRA, contributions are made before taxes are taken out. Contributions and earnings accumulate tax deferred until withdrawal, when you’ll pay tax at your regular income tax rate and, if taken prior age 59½, may be subject to an additional 10% tax. Roth IRA contributions are made after tax, but withdrawals of contributions and earnings are tax-free at retirement provided the plan has been in place at least five tax years, and the distribution occurs after age 59½, with a few exceptions.For 2023, you can contribute a maximum of $6,500 to an IRA, with a $1,000 catch-up contribution if you’re age 50 or older.
Contribute to an HSA
One of your biggest expenses in retirement may be medical and long-term care costs. Although Medicare will kick in once you turn 65 and are not covered by an employer’s health plan, you’ll still need a supplemental policy to pay expenses that Medicare doesn’t cover. With a High Deductible Health Plan (HDHP), individuals can contribute $3,850 and families up to $7,750 pretax to a Health Savings Account (HSA). Withdrawals are tax-free when used to pay qualified medical expenses.Review and Rebalance
Your financial professional can help you rebalance your portfolio to stay in line with your goals and risk tolerance.478298
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Ideal Credit Union and Ideal Wealth Advisors are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Ideal Wealth Advisors, and may also be employees of Ideal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of Ideal Credit Union or Ideal Wealth Advisors. Securities and insurance offered through LPL or its affiliates are:
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