CONTACT US
Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.
1021223-00006-00
Rogelio Gonzalez, CRPC®, CSRIC™
Financial Advisor, Prudential Advisors
Pacific Northwest Financial Group
7525 SE 24th Street, Suite 110
Mercer Island, WA 98040
Phone: 360-919-4271
January/February 2025
Revive Your Retirement Strategy
Few people would argue about the wisdom of putting money away for retirement, yet many of us either don't start, take time off from contributing, or abandon this strategy altogether when financial obstacles hit. But most people can revive their retirement savings strategy at almost any age by making a few changes in how they deal with money.
That's Life
We may know that time and compounding make a powerful combination, but we often let other financial obstacles get in the way of saving. We buy first homes, have children, pay for their education, deal with parents' long-term care, and more, so we put saving for retirement on the back burner. So, let's say you let some time slip by. While it's difficult to catch up, every little bit helps.For starters, consolidate your retirement plan assets if you have contributed to 401(k) plans from many jobs. Ask your current employer if that's doable, and benefit from the ease of having all your retirement assets in one place with potentially lower overall fees. Also, take advantage of any automatic tools your plan offers, including automatic contributions, rebalancing, and escalation. The latter feature increases your contribution when you earn a pay increase.
More Money
If you have a 401(k) plan, know that IRS contribution limits are generous. Effective in the 2025 tax year, active 401(k) participants who attain age 60 and are at least age 63 by the end of the calendar year can contribute the greater of $10,000 or 150% of the catchup contribution.You might also consider opening a traditional IRA, which may help you put away a little more tax-deferred money for the future.
Looking for extra money to put toward retirement? Find more money to invest by cutting back on expenses, such as dining out. Consider gigging, where you can earn extra money in addition to your main income. And think about delaying retirement because even a couple of years of extra contributions and potential growth can make a difference.
Talk to your financial professional to learn about these and other ways to help get your retirement savings back on track.
667664
Prudential Advisors is a brand name of The Prudential Insurance Company of America and its subsidiaries. Offering 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. Prudential and its representatives do not give tax or legal advice. Please consult with your own advisors regarding your particular situation. Prudential, the Prudential logo, and the Rock Symbol are service marks of Prudential Financial Inc., and its related entities, registered in many jurisdictions worldwide. Pacific Northwest Financial Group 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.
The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.