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Everyone can benefit from a financial plan, and the first step is saving early and steadily. Savvy planners are likely contributing to an employer savings plan and IRAs. Murphy Casserly recommends factoring in other sources of retirement income such as Social Security, a pension or trust, non-traditional retirement assets, as well as your spouse\u2019s or partner\u2019s accounts.<\/p>\n
Then, talk to your financial professional to help stress-test your savings (i.e. if you live to 80, 85, 95 or longer). \u201cThese days, if you earn a six-figure income and expect a similar lifestyle in retirement, saving the maximum may not be enough,\u201d Murphy Casserly cautions. If you\u2019re over 50, take advantage of so-called catch-up provisions that allow you to save an extra $6,000 per year in most tax-deferred employer-based accounts in most tax-deferred employer-based accounts [e.g. a 401(k) or 401(b)]. You can also save an extra $1,000 per year in an IRA or Roth, on top of existing contribution caps.<\/p>\n
To continue reading click here: https:\/\/paidpost.nytimes.com\/pacific-life\/5-ways-to-plan-for-a-longer-lifespan.html<\/p>\n
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