24 THE QUEENS COURIER • SEPTEMBER 17, 2020 FOR BREAKING NEWS VISIT WWW.QNS.COM
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REVIEW YOUR
RETIREMENT
SAVINGS
BY JOHN SAVIGNANO, CPA
Now is a good time to review your retirement savings
strategy and fine-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 fluid, your strategy should adapt to them.
Your Contributions
How much are you putting away toward retirement? Is the
amount sufficient to help you reach your financial 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 financial 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 after paying it off. The 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 different animals. That’s because
taxes can have a significant 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.
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