The new year brings opportunities for many Americans in their careers and financial lives.
"Try to simplify your investments and simplify your financial life," said Roger Young, a Baltimore-area certified financial planner at T. Rowe Price."And that's especially important with so many people now changing jobs during the pandemic.One of the best financial moves to make is to reset your retirement plan contributions, experts say.
"They may recommend you put all in a Roth, particularly if you are in a lower income tax bracket and the tax savings really isn't important to you right now," said Kamila Elliott, president of Grid 202 Partners and chair of the CFP Board of Directors."If you're in a higher income bracket, perhaps having some pre-tax savings could be beneficial."Whether you're putting new money into a traditional or Roth 401, experts advise reviewing your automatic contributions.
If you can't reach the maximum contribution limit, she said,"do your best to get the employer match — and then slowly work your way up."Also, take the time to rebalance your portfolio, so you're not taking on more, or less, risk that you want or need, financial advisors say. With thesoaring nearly 27% in 2021, many investors may have a greater percentage of their retirement money in equities than they planned for to help meet their retirement goals.
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