Local Financial Professional Helps Customers Navigate The New Retirement Savings Landscape

“Every little bit helps, and it certainly helps for investors age 50 and older who need to be more aggressive with their retirement saving strategy,” says Paul Doyle, Registered Representative.
By: Securities and investment advisory service offered
 
MELVILLE, N.Y. - March 17, 2015 - PRLog -- Melville, NY . – This year, 2015, taxpayers are allowed to contribute a maximum of $18,000 to employer-sponsored 401(k) and 403(b) plans, a $500 increase from the previous two years. The adjustments were triggered by an increase in cost-of-living expenses.  A local financial professional says that taking advantage of this very moderate boost allows investors to build a stronger retirement fund while saving on federal income tax.

“Every little bit helps, and it certainly helps for investors age 50 and older who need to be more aggressive with their retirement saving strategy,” says Paul Doyle, Registered Representative at NEXT Financial Group. The catch-up contribution limit for workers age 50 and older also grew by $500 to $6,000 in 2015. Although the IRA contribution limit remains unchanged at $5,500, investors age 50 and older may contribute an additional $1,000 to an IRA for a maximum amount of $6,500.

The new 2015 IRA rollover rule strictly limits owners of individual retirement accounts to one rollover per year, normally within 60 days. The new rule aggregates all of your IRAs, treating them as one IRA for applying the rollover limit. Doyle suggests avoiding indirect transfers to move money from one IRA to another and using direct transfer instead. “A direct transfer, trustee-to-trustee, can be done as often as you wish without the hefty penalty of the IRA rollover rule,” explains Doyle.

If you belong to the majority of young people who are unable to contribute the maximum amount to their retirement plans, Doyle says it’s important to note that the bump in contribution limits is optimistic for their future financial planning. “As young investors mature and advance in their jobs, it will become vital to have the option of maxing out the established limit,” says Doyle.”

Small business owners or those with self-employed status may also invest $1,000 more in

their SEP-IRA or a single 401(k) for a total limit of $53,000.  In addition, taxpayers not

covered by an employer-sponsored plan now have the option to contribute to myRA, or My Retirement Account, a newly created Roth IRA investment plan that has no fees.  Contributions are safe, simple and affordable, and are invested in a new United States Treasury security.*

As investors consider making decisions regarding their retirement plans this year, the new changes give them more investing options and more power to save for their retirement at a faster pace,” says Doyle.

Doyle is a local financial professional serving the needs of families, small business owners and retirees. With more than 14 years in the business, Doyle is an experienced professional with the skills and knowledge many need to help plan for their financial future.

Securities and investment advisory services offered through NEXT Financial Group, Inc. Member FINRA/SIPC. Paul Doyle’s office is located at 150 Broad Hollow Road Penthouse 3, Melville, NY11747 www.Investlongisland.com 631-351-8618

*MyRA has annual and lifetime contribution limits and annual earned income limits. There are conditions for tax free withdrawals.

Neither NEXT Financial Group Inc. nor its Representatives give tax or legal advice.

Contact
Paul Doyle
***@nextfinancial.com
631-351-8618
End
Source:Securities and investment advisory service offered
Email:***@nextfinancial.com
Tags:Retirement, Income, Annuity, Investments, Mutual Funds
Industry:Business, Financial
Location:Melville - New York - United States
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