3 WAYS TO OVERCOME SAVINGS INTERRUPTIONS CATCH UP ON YOUR RETIREMENT FUND
Take advantage of catch-up contributions. In 2022, you can contribute as much as $20,500 to your 401(k) or 403(b) retirement fund — but starting at age 50, you can put in an additional $6,500. This is the best time to start saving extra money! You can also add more money to your individual Roth IRA and Traditional IRA account. The contribution limit is $6,000 per year, with an extra $1,000 allowed for those age 50 and over. Diversify your retirement plan. Sometimes, investing into non-retirement accounts can be a powerful tool to save for retirement. If you’ve maxed out your contributions and have money left over, consider investing in a taxable brokerage account. Although you’ll get fewer tax benefits, you have no contribution limit and can invest and make withdrawals without penalty.
Feel like your retirement savings have been falling behind? Now that the market is down, this is actually the best time to start building your retirement savings to "catch up." The market will help build greater gains as it grows again (which it always does!). Here are three ways to take advantage.
Either way, never putting “all your eggs in one basket” is a good guiding principle. This is why tax diversification, or owning a combination of funds with various tax statuses, is so useful for retirement planning. Depending on the tax implications, you’ll have flexibility and freedom in retirement — whenever you’re ready to begin withdrawing. If you’re still worried, you can always change your retirement timeline. Whether it means keeping your job longer or finding different work, you’re still in control of your future. We hope these tips help you feel even more confident preparing for the exciting journey ahead!
Reduce discretionary expenses or expand income.
Halloween is slowly creeping around the corner, and it’s the type of night where we all collectively invite guests onto our property to gather treats and pull a few tricks to celebrate the spooky night. Though children are more excited about the candy, some find delight in displaying elaborate Halloween decorations! Some go all out, and some stick with just a few decorations, but as a property owner, there are specific responsibilities when inviting people onto your property. What is premises liability? It refers to the type of personal injury case that involves injuries caused by unsafe, defective, or hazardous conditions on someone’s property. In Georgia, property owners are legally obligated to keep their When restarting your savings, unless your income expands, something’s gotta give. Take a close look at where you’re spending your money — if it sounds like an overwhelming task, trustworthy budgeting sites like Mint can help organize your finances and make sense of your purchases. If your budget is too tight to cut, then consider side hustles. Even a few extra hours a week can add up fast. MAINTAINING SAFETY ON YOUR PROPERTY Beware and Prepare
premises to the highest safety standard for those who lawfully enter or visit.
In most premises liability claims, the property owner failed to take reasonable steps to maintain the property, repair any defects, or warn visitors about hazardous conditions. Suppose a dangerous or unsafe condition injures a visitor on a property due to a property owner's negligence. In that case, the person has the right to seek compensation for their injuries and related expenses. Some examples include the following but aren’t limited to: • Uneven walkways • Unsecure stair railings • Wet surfaces • Overgrown bushes, trees, and roots • Unconcealed ponds, streams, and other bodies of water • Unsecured electrical cords How can you prepare your property? One of the best ways to prepare your property for guests is to do an inspection. It can be easy to overlook hazardous
conditions — especially on a property you’re already familiar with — and doing so allows you to be more aware of potential dangers. You should also post warning signs for conditions that cannot be repaired immediately. That way, your guests are prepared and can pay close attention to their surroundings. Make them visible and clear enough — especially if you plan to have visitors on Halloween night — so there are no misunderstandings. If you do find potential hazards, be sure to repair them immediately. You cannot assume every guest who comes onto your property will be aware of these conditions, so it’s best to be safe rather than sorry! If you become injured on someone else’s property, an Albany premises liability lawyer from the Law Offices of William F. Underwood, III, P.C., can help! Contact us at 229-888-0888 so we can put you first.
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