Business : An Empty Nest offers room to grow

Randy Stein

An Empty Nest Offers Room to Grow

Different stages of life bring about different priorities and opportunities. Becoming an empty nester is no exception. You’ve spent years focusing on the day-to-day responsibilities of raising your family and preparing for the future. Now that the future has arrived, you may want to reevaluate your goals and look forward to what lies ahead.

At this point in your life, you probably have some additional disposable income that you can put toward your retirement. While you’ve likely been accumulating funds for the future, this may be the best time to redefine your vision for retirement and ensure that the strategies you have in place will help you accumulate enough funds to retire comfortably when you’re ready.

Take a look at boosting your retirement earnings:

Maximizing your 401(k) investment

Contributions to a 401(k) are pre-tax, which allows you to lower your taxable income. Plus, your employer may match a portion of your contribution, adding to your retirement fund at no cost to you. Taxes are paid when you withdraw the money in retirement, when you may be in a lower tax bracket.

Playing Catch-up with an IRA

People over age 50 can contribute “catch-up” amounts to IRAs – Roth and Traditional. In fact, the federal government allows individuals age 50 and above to contribute up to $6,000 per fiscal year to an IRA. Plus, IRAs offer certain tax advantages, including federal income-tax deductions and tax-deferred growth. 

The thrills and responsibilities of parenthood have been your top priority. Now it’s time to pursue your dreams and ambitions. Evaluating your situation based on current and future needs can help you enjoy your empty nest with confidence and security.

Talk with your Farm Bureau agent and other advisers to make certain your retirement earnings will serve you well throughout the coming years.

Tips brought to you by Farm Bureau Financial Services.  For more information about products and services, call Randy R. Stein CLU, ChFC, LUTCF at (319) 472-5231 or stop by the office located at 1105 West 9th Street in Vinton. 

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