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1021223-00006-00
Avraham "AY" Rappaport, CLTC
President, Financial Professional
Yaniv "Jay" Natanov
President, Financial Planner
Eli Rappaport
Vice President, Financial Planner
Shlomo Rosenstein
Financial Professional
Ozzie Marizan
Financial Planner
Joseph Greer
Employee Benefits Administrator
Dylan Pinsky
Client Relations Manager
Premier Financial
6395 Dobbin Road, Suite 102
Columbia, MD 21045
Phone: 240-309-6001
Email: dylan.pinsky@prudential.com
Website: premierfinancial1.com
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.1062045-00002-00
Premier Financial is not affiliated with Prudential Financial. Premier Financial sells insurance products of Prudential Financial's affiliated insurance companies in addition to products of non-affiliated insurance companies. Premier Financial is authorized to sell and service certain insurance products of Prudential Financial companies as well as use this material. Premier Financial 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. Dylan Pinsky is employed by Eli Rappaport 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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