Financial Adviser Marcus Rather of Cetera Investors presents Horsesmouth Savvy IRA Planning for Boomers. This presentation addresses common questions that Baby Boomers have when it comes to IRAs and planning for retirement. We also provide 5 “Savvy” Strategies for everyone to consider when planning for a “Savvy” Retirement.

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As Boomers approach retirement age, it becomes increasingly important to take advantage of all available strategies to maximize savings and reduce tax liabilities. One powerful tool in the retirement planning arsenal is the Individual retirement account (IRA). By utilizing savvy techniques and strategies, Boomers can not only save taxes but also get more out of their IRAs to ensure a comfortable retirement.

One important strategy to consider is maximizing contributions to your IRA. For those aged 50 and older, the annual contribution limit for both traditional and Roth IRAs is $7,000 in 2021. By contributing the maximum amount allowed, Boomers can take advantage of tax-deferred or tax-free growth on their investments, ultimately building a larger nest egg for retirement.

Another savvy strategy is utilizing catch-up contributions. For those aged 50 and older, the IRS allows an additional catch-up contribution of $1,000 for traditional and Roth IRAs. By taking advantage of this extra contribution, Boomers can accelerate their retirement savings and potentially achieve greater financial security in their golden years.

Additionally, Boomers should consider converting traditional IRAs to Roth IRAs. While traditional IRAs allow for tax-deferred growth, Roth IRAs offer tax-free withdrawals in retirement. By strategically converting traditional IRAs to Roth IRAs over time, Boomers can minimize taxes in retirement and potentially reduce Required Minimum Distributions (RMDs) once they reach age 72.

Furthermore, Boomers should carefully consider the timing of IRA distributions. By strategically withdrawing funds from their IRAs in a tax-efficient manner, Boomers can minimize tax liabilities and maximize retirement savings. For example, spreading out IRA distributions over multiple years or withdrawing funds during lower-income years can help reduce tax burdens and preserve retirement assets.

Lastly, Boomers should review their investment options within their IRAs to ensure they are maximizing growth potential. By diversifying investments and regularly rebalancing portfolios, Boomers can optimize their IRA returns and achieve greater long-term financial success.

In conclusion, savvy IRA strategies can help Boomers save taxes and get more out of their retirement savings. By maximizing contributions, utilizing catch-up contributions, converting to Roth IRAs, strategically timing distributions, and optimizing investments, Boomers can build a solid financial foundation for their retirement years. Consulting with a financial advisor or tax professional can help Boomers create a personalized IRA strategy tailored to their unique needs and goals. With careful planning and proactive decision-making, Boomers can secure a comfortable and fulfilling retirement.