I HAVEN’T SAVED FOR RETIREMENT — NOW WHAT?
Unfortunately, whether COVID-19 has dwindled your retirement savings or you haven’t started sooner, you may be worried about your future. What do you do when your golden years are approaching, but your finances are looking bleak? In life and in finances, it can be difficult to make up for lost time. No matter what stage of life you are in now, consider this: If you ever need to choose between aggressively paying off your mortgage or saving for retirement, choose saving for retirement. While in your 50s, you’ll need to save nearly half your income — equal to what you could’ve accumulated had you put aside just 10% of your pay into an IRA starting in your 20s. Compounding interest miraculously increases your small contributions over decades, but without enough time, your contributions can’t grow. There are a few options for making “catch-up” contributions. If your workplace has a retirement plan such as a 403(b), you could contribute as much as $26,000 instead of the regular $19,500 contribution limit. If you’re married, you and your spouse could also contribute $7,000 each to an IRA.
you’re covered, married couples filing jointly with a modified adjusted gross income of $105,000–$125,000 will have their deductions phased out. If your spouse isn’t covered by a workplace plan but you are, the couples’ ability to deduct their contribution phases out with a modified adjusted gross income of $198,000 to $208,000, as of 2021. If it’s impossible to deduct the contribution, consider putting it into a Roth IRA since withdrawals from a Roth are tax-free in retirement. A part-time job in retirement can be very helpful for stabilizing your finances as well. If you have any other questions, just give us a call — we’d be happy to help you or a loved one prepare for a brighter future.
Keep in mind that those contributions could be deductible on your taxes and consider whether you’re covered by a workplace plan. If
SUDOKU
GRILLED CHICKEN SHAWARMA
Inspired by FeastingAtHome.com
INGREDIENTS
2 tbsp ground cumin
1 tsp ground black pepper
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2 tbsp ground coriander
2 tsp allspice
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2 tsp kosher salt
8 garlic cloves, minced
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1/4 tsp cayenne pepper
6 tbsp olive oil
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2 tsp turmeric
2 lbs boneless, skinless chicken thighs
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1 tsp ground ginger
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DIRECTIONS
1. To create marinade, whisk all spices with the garlic and olive oil in a medium bowl. 2. Add chicken to the bowl, coat well with marinade, cover, and let sit in the fridge for at least 20 minutes — or up to 48 hours. Strain off excess marinade before cooking. 3. Preheat grill to medium-high heat. Grill thighs for 10–12 minutes on each side, or until a meat thermometer reads 165 F. 4. Serve with rice, vegetables, or pita bread with tzatziki.
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