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For the new year boost your retirement accounts with these 10 simple tips

Jan 14, 2022, 9:49 AM | Updated: Jan 4, 2023, 2:43 pm
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Teton Wealth GroupThis article about boosting your retirement accounts is presented by Teton Wealth Group. Take their retirement mistakes quiz to see where you stand.


The new year and resolutions go hand in hand. Here are some ways to give your retirement accounts a financial workout.

1. Boost your retirement accounts by understanding your lifestyle expenses

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First, you’ll want to track your spending for a few years prior to retirement to know what it really takes to financially fund your lifestyle. And don’t forget those non-monthly expenses like real estate taxes or insurance premiums.

2. Be aware of financial costs that will change in retirement

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In retirement, some of your costs can decrease. Things like health insurance for those over age 65, or vehicle expenses since you may no longer be making a daily commute will start to decrease. But pay attention, because just as often, other expenses can increase. Know the types of expenses you’ll be looking at.

3. Understand how taxes impact your money

 

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Retirees often scale down their work lives from full-time to part-time to not working at all. This can create planning opportunities, like lower tax brackets.

4. Create your retirement paycheck

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Many retirees have multiple investment accounts such as IRAs, Roth IRAs, and joint or individual accounts. How you take money from each account to provide your needed income may impact your taxes differently. Don’t overlook how you withdraw from your accounts.

5. Decide when to start social security

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You become eligible to start your Social Security benefit at age 62, and if you delay, your benefits continue to increase through age 70. After 70, your monthly benefit stops increasing. And that’s even if you continue to delay taking benefits.

6. Consider your spouse’s retirement income after your death

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If you are married, you will also want to evaluate how your Social Security strategy may impact your spouse’s retirement income after your death. 

7. Understand How Your Investments Support Your Income Needs

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Stock and bond markets can easily go up and down. You need to take this into consideration when you determine how much you will need from your investments to support your new retired lifestyle.

8. Budget for unexpected expenses

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Use savings buckets to set aside money in savings accounts for a variety of needs, including an emergency fund. Having extra money is never going to hurt you in retirement. Making sure you are looking ahead and not just spending is going to leave you in a better place.

9. Required minimum distributions

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At age 70.5, you are required to take a certain amount of money from your tax-deferred accounts such as IRAs and 401(k)s.

10. Be aware of how expenses change over time

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As you work through your retirement plan, consider the likelihood that your expenses will change over time.

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For the new year boost your retirement accounts with these 10 simple tips