It’s a challenge to optimize your investments with accounts spread over many different plans. Trying to pick the best mutual funds from four different menus that change from year to year can be a challenge for professional investors, let alone individuals.
With the tax filing deadline tomorrow, most of us will be trying to put income taxes out of our mind for the next year. This would be a mistake, because with the passage of the Tax Cuts and Jobs Act (TCJA) in late December come new strategies in 2018 to reduce your tax bill.
Prioritize Your Investments To Support Your Situation
Automate your retirement plan contributions, contribute to other regular savings opportunities, and slow down automated spending on bills and credit cards.
If you can automate financial virtue and slow down financial vice, you will achieve your goals sooner than you could imagine.
By making your saving automatic and (if needed) your spending intentional, you can achieve financial independence and the freedom to spend your time as you desire far earlier than average.
For retirement plans from previous employers, you have an option to move the funds into your current employer retirement plan in a direct tax-free transfer. You can also set up an IRA on your own with a brokerage or mutual fund company and transfer old retirement plan balances directly, without suffering a tax hit. Here are some considerations to help you make your decision.
Early Financial Planning Tips
Taking small steps can help you successfully plan for your retirement