Randy Eschels photo
Garett Eschels photo


Randy Eschels, CLU, ChFC, CFP®


Garett Eschels



Eschels Financial Group, Inc.

555 S Old Woodward Avenue, Suite 612

Birmingham, MI 48009


Phone:  248-644-1144


Fax:      248-644-7820





January/February 2022

Lagging in Retirement Savings?

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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Securities offered through Concourse Financial Group Securities, Inc. (CFGS), Member FINRA/SIPC. Advisory services offered through Concourse Financial Group Advisors, a DBA for CFGS, a Registered Investment Advisor. Eschels Financial Group, Inc. is independent of CFGS.
Eschels Financial Group, Inc. and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.

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