GET YOUR RETIREMENT ON TRACK FOR 2023

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Uncertainty continues to shroud the economic outlook for 2023 as recession fears and a bearish stock market continues to weigh heavily on investors. Amid the current volatility, however, it is essential not to lose sight of long-term goals.

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Financial goals vary greatly from person to person. While some work to pay off college debt, others aim for home ownership.

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The current inflationary environment is causing considerable uncertainty around retirement. A study done in September last year found almost three-quarters of Americans said the rising cost of living was causing them to change their retirement plans in one way or another.

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In truth, many Americans are woefully underprepared for their post-paycheck future. According to Federal Reserve data, the average American has less than $207,000 saved for their post-work life by the time they reach retirement age (65 to 69).

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Despite the doom and gloom about the current state of the economy, 2023 doesn’t have to bring a financial setback. With some careful foreplanning and financial discipline, you can get your funds in order.

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401(k) All the Way

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With a Roth IRA, your contributions can only be made with after-tax dollars. However, any earnings on your contributions grow tax-free, so you don’t have to pay taxes on them when you withdraw them in retirement.

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Swipe Up For The Rest of the Article

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