C atch U p on Y our R etirement F und 3 WAYS TO OVERCOME SAVINGS INTERRUPTIONS
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. 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.
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. Reduce discretionary expenses or expand income. 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. 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
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!
M eet O ur L egal A ssistant , J ulia porcelain, and other stone products. She has always had a desire to work in the legal field but didn’t find her passion until she started college. She was initially enrolled at Georgia State as a pre-med major but had a revelation at the beginning of this year that she had a real passion for justice. Spending time alone indoors during the pandemic gave her more time to think about what she actually wanted to do with her life. She changed her major and began looking for jobs in the legal field so she could cultivate some experience. Thankfully, she found out about us and did further research to decide that this was a place where she wanted to work. When you work with Julia, she’s going to try her absolute best to make sure things are completed and organized. Sometimes she’ll come in early and other times she’ll stay late just to ensure that everything is ready for our clients. She understands what our clients are going through and does everything in her power to make sure things run smoothly for them. When Julia is not at work, you can usually find her reading mystery or horror novels. She also enjoys hot yoga, which helps keep her mind clear. We’re so excited to have Julia on our team and can’t wait to see what the future holds for her! WORKING HARD FOR OUR CLIENTS
There are few things more important as a business owner than hiring the right people and creating a strong team. This idea is even more vital in the legal field: The team not only needs to be good at what they do, they also need to be kind, calm, and collected at all times. That’s why we only hire the best of the best at Vayman & Teitelbaum. Among the amazing individuals at our office is Julia, one of our legal assistants who continues to impress us each and every day. Julia first started working for us this past April. Before joining our team, Julia worked for her parents’ company, where she helped sell granite,
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