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David P. McCabe,
WMCP®, ChFC®, CLU®
Financial Planner
Nathaniel D. High, RICP®
Financial Planner
Nicholas J. Over, CFP®
Financial Planner
Sara E. Martin
Client Relations Manager
Jennifer A. McCabe
Client Relations Specialist
jennifer.mccabe@prudential.com
Centuria Financial Group
2333 Baltimore Blvd Suite B
Finksburg, MD 21048
Phone: 443-952-7232
January/February 2022
Lagging in Retirement Savings?
When it comes to saving for retirement, Gen Xers - born roughly between 1965-1980 - seem to be significantly behind their parents, despite making more money than their parents did at the same age. While the lack of retirement savings is cause for concern, there's a bright spot. With several more years before they begin to retire, Gen Xers still have some time to save for their future.
Maximize Contributions
Increase savings by contributing the maximum amount allowed to an employer’s 401(k) plan or individual retirement account (IRA).* Making contributions to tax-advantaged savings vehicles lowers your current taxable income, since contributions are deducted from pay before taxes are taken out. Plan participants aged 50 or older can also take advantage of catch-up contributions.Embrace an Employer Match
Many employers match employee contributions to a qualified retirement plan up to a certain percentage of pay. Contribute at least as much as an employer will match to avoid leaving money on the table.Think About Tax-free Earnings
Although contributions are made with after-tax dollars, Roth IRAs, and Roth 401(k)** plans offer tax-free growth of investment earnings and tax-free withdrawals of contributions and earnings once certain conditions are met. Required minimum distributions must be taken from a Roth 401(k) plan at age 72. However, withdrawals are not required from a Roth IRA during the account owner’s lifetime.Pay Off Debts
Living debt-free is a sure way to have more money to save for retirement. Your financial professional can help you devise a plan for paying off debt and create an investment strategy to help you reach your goals.*Distributions from traditional IRAs and employer-sponsored retirement plans are taxed as ordinary income and, if taken prior to reaching age 59 ½, may be subject to an additional 10% IRS tax penalty.
**To qualify for tax-and penalty-free withdrawals of earnings, a Roth IRA or 401(k) must be in place for at least five tax-years and the distribution generally must take place after age 59 ½, with a few exceptions.
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Centuria Financial Group is not affiliated with Prudential Financial. Centuria Financial Group sells insurance products of Prudential Financial's affiliated insurance companies in addition to products of non-affiliated insurance companies. Centuria Financial Group is authorized to sell and service certain insurance products of Prudential Financial companies as well as use this material. Centuria Financial Group and its representatives do not give tax or legal advice. Please consult with your own advisors regarding your particular situation. Offering financial planning and investment advisory services and programs through Pruco Securities, LLC (Pruco), under the marketing name Prudential Financial Planning Services (PFPS), pursuant to a separate client agreement. Offering insurance and securities products and services as a registered representative of Pruco, and an agent of issuing insurance companies. 1-800-778-2255. Sara E. Martin and Jennifer McCabe are employed by David McCabe and not The Prudential Insurance Company of America or its subsidiaries.
This newsletter is general educational information provided by a Prudential Financial Professional and is not intended to market or sell any specific products and services, but rather provide general information about the subject matter covered only.
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