REVIEW YOUR
RETIREMENT
SAVINGS
BY JOHN SAVIGNANO, CPA
22 OCTOBER 2 0 2 0
Photo Credit: Al Oerter Foundation
TAX TIPS
Now is a good time to review your retirement savings
strategy and ne-tune it if necessary. Here’s a look at some
key areas to review:
Your Goals
Ask yourself if your retirement date, health and
anticipated spending in retirement date, health and
anticipated spending in retirement have changed. Perhaps
you’re willing to live on less in order to retire earlier. Or
maybe you believe you will travel more in retirement, which
may require greater savings or a later retirement. If your
goals are uid, your strategy should adapt to them.
Your Contributions
How much are you putting away toward retirement? Is the
amount sucient to help you reach your nancial goals in
retirement? If you are coming up short, contribute a little
extra to your retirement plan. In 2019, you may contribute
up to $19,000 annually (if your plan allows), plus an extra
$6,000 if you are at least age 50. And if you contributed to a
401(k) plan, your contributions are tax deferred.
Your Investment Mix
Many near-retirees take a more conservative approach
with their investments as they near their magic date. You
may want to work with a nancial professional to make sure
your investment mix remains in line with your goals,
attitude toward risk and time horizon.
Your Debt
One important way to increase your disposable retirement
income is to shed as much debt as you can leading up to
your big date, starting with credit card balances. If you’re
used to buying a new vehicle every few years, try keeping it
a while aer paying it o. e money you save can go
toward paying down debt.
Your Retirement Income
How much you put away for retirement and how much of
it you can spend are two dierent animals. at’s because
taxes can have a signicant impact on your disposable
income. Downsizing your home and even renting can
reduce the real estate taxes you’ll pay. If you’re open to
moving, you might want to examine states that treat the
taxation of retirement income and Social Security payments
favorably. Or, if you qualify by income, consider opening a
Roth IRA with its tax-free withdrawals in retirement.
John Savignano is a partner with Savignano Accountants &
Advisors located at 47-46 Vernon Blvd., Second Floor, in
Long Island City. If you have any questions or require
additional information, please call John at 718-707-0955.
Legends of LIC
The Most Satisfying
Born in Astoria, Queens, on Sept. 19, 1936, to parents of
German and Czech extraction, Al Oerter won his first gold in
the 1956 Melbourne Summer Olympics while still a student
athlete at the University of Kansas. Oerter was also a champion
in the Rome, Tokyo and Mexico City Olympic Games.
There's no substitute for work. There are no shortcuts.
There are no secrets.
Oerter unofficially threw for 245 feet on a television show,
which would have set a still-standing world record had it taken
place in official competition. The sports great made one
final triumphant Olympic appearance in 1996, carrying the
flame into the stadium for the Atlanta Summer Games.
Competition in its best form is a test of self. It has nothing
to do with medals. The winner is the person who gets the
most out of themselves.
After retiring from international competition, the gold medalist
worked in the private sector and became an accomplished
artist before passing away in 2007 at age 71. He was the first athlete
to win a gold medal in the same event in four consecutive
Olympics and has been inducted into the IAAF Hall of Fame.
Looking back on his four consecutive gold medals in the
discus, Oerter once reflected that "The first would be the
most surprising, the second the most difficult, the third the
most painful, the fourth the most satisfying."
FINANCE
Greater Astoria Historical Society
44-02 23rd St. #219
LONG ISLAND CITY, NY 11101
INFO@ASTORIALIC.ORG / WWW.ASTORIALIC.ORG
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