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Here are four ways to maximize your retirement savings during your highest-earning years.
For individual retirement accounts, the limit is $7,000, with a $1,000 catch-up option.
But why stop there?
However, you may have to pay federal, state and local taxes on converted earnings and deductible contributions.
In addition, the conversions could boost you into a higher tax bracket for the next year.
Continue to live the same lifestyle you led before receiving a raise and invest the difference.
To some, a 10%average annual returnis unrealistic.
But avoid the temptation to go at it alone.
When we get sick we go to the doctor, Johnson said.
Yet somehow people believe they should be able to navigate theever-increasingly perilous financial waterswithout getting professional help.
In a previous interview with GOBankingRates, Johnson recommended preparing an investment policy statement.
An IPS also sets out the ground rules of the investment process and guides your plan.
The whole point of an IPS is to guide you through changing market conditions, Johnson said.
It only needs to be revised when your individual circumstances change.
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