Travis Financial Services–
Smart Financial Moves in Your 40's and 50's

Smart Financial Moves in Your 40's and 50's

These crucial years call for action

Today, retirement may seem nearer to you than it once did. The following moves might be worth making – and soon.

Catch-up contributions to your retirement accounts. Starting in the year you turn 50, you may make a total of $1,000 in catch-up contributions to your IRAs each year and put an extra $6,000 per year into a 401(k) or 403(b). Fifteen years of $1,000 catch-up contributions to an IRA should grow to about $30,000 at an 8% annual yield. Fifteen years of $6,000 catch-up contributions to a 401(k) or 403(b) should grow to roughly $212,000 by age 65 if the account returns 8%.1

Estate Plans

If you want to plan to control some of the destiny of your wealth, draw up a will and evaluate trust options that may help insulate assets from probate.

College Savings Plans

If you have not yet explored the potential of tax-advantaged 529 plans and similar accounts to grow a college fund, now is a good time.

Portfolio Reviews

The asset allocation in your portfolio should be reviewed periodically; revising it can potentially help you manage risk and maintain your preferred investment style.

Time is of the Essence

The years between 40 and 60 are crucial years in your financial life.

Travis Financial Services

 


 

Sources/Disclaimers:
1. marketwatch.com/story/you-can-make-a-lot-of-money-with-retirement-account-catch-upcontributions-2016-03-21 [3/21/16]

There is no guarantee that an 8% return can be achieved. This is a hypothetical example and is not representative of any specific situation. Your results will vary. The hypothetical 8% rate of return used do not reflect the deduction of fees and charges inherent to investing. Asset allocation does not ensure a profit or protect against a loss.

Prior to investing in a 529 Plan investors should consider whether the investor's or designated beneficiary's home state offers any state tax or other benefits that are only available for investments in such state's qualified tuition program. Tax treatment at the state level may vary.

This material was prepared for Travis Credit Union and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note - investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services.

If assistance is needed, the reader is advised to engage the services of a competent professional.

This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty.


Check the background of investment professionals associated with this site on FINRA’s BrokerCheck. brokercheck.finra.org

The financial consultants at Travis Financial Services are registered representatives with, and securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA / SIPC). Insurance products are offered through LPL or its licensed affiliates. Travis Credit Union and Travis Financial Services are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Travis Financial Services, and may also be employees of Travis Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Travis Credit Union or Travis Financial Services. Securities and insurance offered through LPL or its affiliates are:

Not Insured by NCUA or any other Government Agency

Not Credit Union Guaranteed

Not Credit Union Deposits or Obligations

May Lose Value

The LPL Financial registered representatives associated with this website may discuss and/or transact business only with the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.


The "Contact TFS" and "Login to Your Account" links are provided as a convenient connection between the websites belonging to Travis Credit Union and its business partner. The policies and procedures in use at our business partner may differ from those in use at Travis Credit Union. Travis Credit Union is not responsible for the content contained in our business partner website.

Forbes Top 10 Credit Unions in California Award
Desjardins Financial Education Award, 1st place nationwide, adult and youth
US Air Force Distinguished Credit Union of the Year
Travis Credit Union footer small logo

Routing 321170839

© 2024 Travis Credit Union. All Rights Reserved.

Privacy Policy | Third-Party Sites | CCPA | Notice at Collection | Home Mortgage Disclosure Act Notice 
Avoid Foreclosure | Disclosures | Online Security & Safety and How We Protect You | Service of Process

By continuing to use this site, you agree to our use of cookies as described in our Online Privacy Policy.

If you are using a screen reader or other auxiliary aid and are having problems using this website,
please call 1-800-877-8328 for assistance.

NCUA logo footer

This Credit Union is federally insured by the National Credit Union Administration.