{"id":8584,"date":"2022-08-29T08:00:16","date_gmt":"2022-08-29T12:00:16","guid":{"rendered":"https:\/\/soundincomestrategies.com\/?p=8584"},"modified":"2022-07-28T12:23:11","modified_gmt":"2022-07-28T16:23:11","slug":"ramp-up-your-retirement-savings-with-these-six-strategies","status":"publish","type":"post","link":"https:\/\/soundincomestrategies.com\/uncategorized\/ramp-up-your-retirement-savings-with-these-six-strategies\/","title":{"rendered":"Ramp Up Your Retirement Savings With These Six Strategies"},"content":{"rendered":"<p>Are you planning to retire in the next few years? It\u2019s still not too late to make a difference in how much you\u2019ll have available for retirement. And because you\u2019re likely at a high point in your earnings, you\u2019re well-positioned to help yourself. Consider putting these six strategies to work:<\/p>\n<ul>\n<li><strong>Catch-up contributions<\/strong>. In addition to possibly having higher earnings, you may have another advantage regarding retirement savings \u2013 you can make \u201ccatch-up\u201d contributions to your tax-deferred retirement accounts, thereby allowing you to exceed the limits. If you\u2019re 50 or older, you can put in an extra $1,000 a year to your Individual Retirement Account (IRA) above the $6,000 limit; for a 401(k), you can surpass the $20,500 limit by $6,500, for a maximum contribution of $27,000 in 2022.<\/li>\n<li><strong>After-tax contributions<\/strong>. What if you\u2019re already \u201cmaxing out\u201d on your 401(k), even with your catch-up contribution, and you can still afford to put more into your plan? Are you out of luck? Not necessarily \u2013 your employer might allow you to make \u201cafter-tax\u201d contributions. In 2022, the IRS allows you to put in $61,000 (or $67,500 if you\u2019re 50 or older) to your 401(k), an amount that includes your pretax contributions, your after-tax contributions, and any contributions from your employer. Your after-tax contributions, like the rest of your 401(k), can grow on a tax-deferred basis, and you\u2019ll pay taxes on the earnings when you start taking withdrawals.<\/li>\n<li><strong>Roth conversions<\/strong>. If your plan allows it, you may be able to convert your after-tax 401(k) dollars to Roth dollars through an in-plan conversion or a rollover to a Roth IRA. You won&#8217;t owe taxes on the after-tax contributions because you already paid taxes when you contributed the money, but any earnings on the after-tax contributions will be subject to taxes. The benefit, though, is that future earnings will grow tax-free.<\/li>\n<li><strong>Backdoor Roth IRA<\/strong>. If your earnings exceed the Roth IRA limits, you can create what\u2019s known as a \u201cbackdoor Roth IRA.\u201d This isn\u2019t an official type of IRA, but rather a strategy for taking advantage of the benefits offered by a Roth IRA, such as the potential for tax-free earnings, no mandatory withdrawals (RMDs), and greater flexibility in managing your taxes in retirement. To create this backdoor arrangement, you make nondeductible (after-tax) contributions to a traditional IRA\u00a0and then convert your contributions to a Roth IRA. Since the contribution is after-tax, you won&#8217;t pay additional taxes on the conversion of the contribution; however, any earnings on the contribution will be subject to taxes.<\/li>\n<li><strong>Health Savings Account (HSA)<\/strong>. Once you retire, healthcare will likely be one of your largest expenses \u2013 so, if you have a health savings account (HSA) available through a high-deductible health plan, you may want to take advantage of it. In 2022, you can put up to $3,650 in an HSA, if you\u2019re single, or $7,300 for family coverage. You contribute pretax dollars to your HSA, your earnings grow tax-free, and your withdrawals are tax-free, provided they\u2019re used for qualified medical expenses, creating the potential for triple tax savings.<\/li>\n<li><strong>Annuity<\/strong>. Even if you&#8217;ve contributed the maximum amounts to your IRA and 401(k), including after-tax contributions, you may still have income you\u2019d like to invest for retirement. Consider purchasing a nonqualified annuity, which can be structured to help provide you with a lifetime income stream. Annuities offer tax-deferred growth potential \u2013 you won\u2019t pay taxes until you start taking withdrawals.<\/li>\n<\/ul>\n<p>Need retirement planning guidance? Our network of advisors can help you determine which options are best for you.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Are you planning to retire in the next few years? It\u2019s still not too late to make a difference in how much you\u2019ll have available for retirement. And because you\u2019re likely at a high point in your earnings, you\u2019re well-positioned to help yourself. Consider putting these six strategies to work: Catch-up contributions. In addition to &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/soundincomestrategies.com\/uncategorized\/ramp-up-your-retirement-savings-with-these-six-strategies\/\"> <span class=\"screen-reader-text\">Ramp Up Your Retirement Savings With These Six Strategies<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":2,"featured_media":8585,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ramp Up Your Retirement Savings With These Six Strategies - Sound Income Strategies<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/soundincomestrategies.com\/uncategorized\/ramp-up-your-retirement-savings-with-these-six-strategies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ramp Up Your Retirement Savings With These Six Strategies - Sound Income Strategies\" \/>\n<meta property=\"og:description\" content=\"Are you planning to retire in the next few years? It\u2019s still not too late to make a difference in how much you\u2019ll have available for retirement. And because you\u2019re likely at a high point in your earnings, you\u2019re well-positioned to help yourself. Consider putting these six strategies to work: Catch-up contributions. 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