A New Financial You: 3 Ways to Improve Your Retirement Finances

It's the new year! This means that you have new opportunities to continue saving towards your retirement in 2019. U.S. News and World Report shares a few strategies that we think would help contribute to your goals as you strive toward financial success.

1. Set up a Roth IRA. 

A Roth account is one of the best ways a person can start saving for retirement. This retirement account is great for the fact that an after-tax contribution allows you to earn tax-free investment growth and withdrawals in retirement. The benefits of this IRA will accumulate over time, meaning that you will not be troubled by a large tax bill once you reach retirement.

2. Receive a 401 (k) match.

It's important to inquire with your employer if they will match the funds that you contribute to your 401 (k). If they will, U.S. News and World Report suggests that you deposit that same amount into your account. This is a great way to get returns on your money!

3. Contribute more to your IRA.

Now that contribution limits for IRAs have risen, it's a smart idea to contribute as much as you can into your own IRA. For 2019, individuals can contribute up to $6,000 (an increase from $5,500). It is suggested that individuals put an extra $500 into their IRA, with the goal of maxing it out. However, if this isn't possible for you, try saving in small amounts and increasing your contributions over time.

U.S. News and World Report shares more advice on how you can make the best financial decisions for your retirement. Remember to speak with a financial advisor in order to receive additional guidance. Make 2019 the year you strive to be a new financial you!

Visit U.S. News and World Report for more information: https://ow.ly/ckMO30n7cpY

?Which of these strategies do you think would be most helpful to you? Share below!