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Maximize Your Retirement Savings

Writer's picture: Legacy Capital Legacy Capital

When it comes to preparing for the future, your financial health is essential. Boosting your retirement savings is a key step toward achieving financial security. Here’s how you can make the most of your retirement accounts and set yourself up for long-term success.

 

There are two different types of IRA accounts you can contribute to. Evaluate which option aligns with your tax strategy and retirement goals.

  1. Traditional IRA: Contributions may be tax-deductible, and earnings grow tax-deferred until you withdraw them in retirement.

  2. Roth IRA: Contributions are made with after-tax dollars, but withdrawals in retirement are tax-free.

 

Max Out Your IRA Contributions:

An Individual Retirement Account (IRA) is a great way to save for the future while enjoying tax advantages. For 2025, the maximum contribution limits are:

  • $7,000 for individuals under 50 years old

  • $8,000 for those aged 50 and older

 

Utilize Your Employer’s 401(k) Plan:

If your employer offers a 401(k) plan, it can be one of the most powerful tools for building your retirement savings. Here’s why it’s important to take full advantage of this benefit:

  • Convenient Contributions: Payroll deductions make saving simple and consistent.

  • Tax Benefits: Contributions to a traditional 401(k) are pre-tax, which reduces your taxable income. Roth 401(k) options allow for tax-free withdrawals in retirement.

  • Employer Match: Many companies offer a matching contribution, which is essentially free money added to your retirement savings. Be sure to contribute enough to qualify for the full match, if available.

  • Don’t Forget Catch-Up Contributions: If you’re 50 or older, you can contribute an extra $7,500 to your 401(k) in 2025, bringing the total limit to $31,000. This can be a game-changer if you’re playing financial catch-up.

 

Even if your company doesn’t offer a match, contributing to a 401(k) is still a smart move. The combination of tax benefits and automated savings can help you build a strong financial foundation for the future.

 

Why Retirement Savings Matter:

Retirement may feel like a distant goal, but the earlier you start saving, the more you benefit from the power of compound growth. Whether you're working toward financial independence or looking to enjoy your golden years without worry, consistently contributing to retirement accounts can make a significant difference.

 

How to Get Started:

  1. Review Your Budget: Find areas where you can cut back to allocate more toward savings.

  2. Increase Contributions Gradually: If maxing out feels overwhelming, aim to increase your contributions by 1-2% annually.

  3. Automate Your Savings: Set up automatic transfers to your IRA or increase your 401(k) payroll deduction.

  4. Seek Professional Guidance: A financial advisor can help tailor your retirement strategy to your unique goals.

 

Small Steps, Big Impact:

Just as small, consistent efforts in saving can lead to significant financial gains, regular contributions to your retirement accounts can lead to a financially secure future. Start today—whether it’s upping your 401(k) contributions or opening an IRA—and watch your financial strength grow over time.

 

Have questions about your retirement strategy? Contact us to discuss your goals and craft a plan that works for you!

 

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Legacy Capital Wealth Management, LLC (“Legacy Capital”) is an investment adviser registered pursuant to the Investment Advisers Act of 1940 with the Securities and Exchange Commission (“SEC”) and various state jurisdictions and our fees and services are more particularly described in Form ADV Part 2A and our Form CRS.  Registration with the SEC or other securities regulators does not imply a certain level of skill or training.

 

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