David Giertz Shares His Tips For A Comfortable Retirement

David Giertz has revealed the sad truth about millennials. They have not saved enough money for a comfortable retirement. Retirement is expensive, especially for people who retire earlier and live a long life. He has seen many individuals pull their social security too early. This reduces the amount they will receive. David Giertz has thirty years of experience in finances. This makes him highly qualified to provide excellent advice. He has discussed the most common mistakes and provided excellent retirement tips.

The most popular type of retirement account in the United States is a Roth IRA. This account is run by the government and aided by the employer. The employees matches a specific amount each month until they reach their limit. Beginning in 2017 individuals below fifty can contribute a maximum of $5,500 and individuals above fifty $6,500 per year. When taxes are filed as head of household or single the contributions cannot be made to more than one Roth IRA. When taxes are paid jointly as married the limit for annual income to contribute to both IRA’s is $189,000 to $199,000. When filing separately the annual income must be under $10,000 to contribute to both IRA’s.

Another popular account is a 401 k. This account is operated and backed by the government of the United States. Employers make contributions that are generally dollar for dollar until the limit is reached. The yearly contributions in 2018 increased to $18,500. People above age 49 can contribute $24,500 per year. The maximum catch up contribution is at $6,000 each year.

David Giertz recommends the Saver’s Credit for individuals of retirement age. The limits for yearly contributions increased in 2018. Mr. Giertz states a couple can use their retirement savings as long as their employers are unable to deduct their IRA contributions from their adjustable gross income each year.

The limits for health savings account contributions have also increased. The amount for singles is $3,450 each year and $6,900 for accounts that encompass the entire household. These accounts are beneficial because when the individual reaches 65 they can spend the funds on anything without having to pay a penalty.