News – Making the Most of Your Retirement Planning
As April approaches, most Americans turn their sights to reducing their tax burden as much as possible. For many that means making contributions to retirement accounts. The general wisdom, of course, is to make the maximum contribution – but for some, that’s not possible. The question becomes, is there a point to contributing if you can’t max out?
The answer is yes, absolutely. No matter how small a contribution you make, the compounded growth on your tax- deferred dollars can make an impact.
Of course, the more you can contribute, the more you’ll earn – so put as much into your IRA as you can each year, even if you can’t reach the maximum. Following are some other tips that can help you make the most of your annual retirement contributions.