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Maybe you recently got a stimulus check or tax refund and have some unplanned extra money. Or you have started thinking a little bit harder about your retirement planning. Fiduciary financial advisor Thomas Reilly of Strategic Wealth Designers joined us on the newscast to discuss how to maximize your savings options.
“Max out the contribution you’re making to your Roth IRA,” Reilly says. “The deadline to contribute this year is May 17th, so you have a little more time than normal. If you are under the age of 50, you can put up to $6,000 in your account. If you are over, you can contribute $7,000.”
If you have extra money, be smart with it. Perhaps you use it to help pay off student loan debt or credit card debt. If you are living debt-free and could use a little more in your emergency fund, consider saving it there. Otherwise, use your extra money to save towards your investments and retirement accounts.
“When getting started, just save what you can,” Reilly says. “And start now. It doesn’t always matter how much you make but what you choose to do with what you earn. If you are smart with your money, create a realistic budget and plan, and stick to it – you can reach your financial goals. Don’t put off saving and planning because you are intimidated because that will just push you behind.”
Working with a financial planner can help you make the most of your savings’ options. To see additional stories surrounding business and economic news for Denver area, visit https://KDVR.com/Money and if you have a question for Thomas send an email to firstname.lastname@example.org.