Page 39 - MidJersey Business - June 2014

best

The area s ’
golf
kept secret!
it. Alternatively, look for ways to earn a few extra bucks—perhaps

through a hobby—even an extra $50 a month can mean a nice

dinner out without tapping into salary dollars.

3
WORK BACKWARDS
You need to set a deined nest egg goal based on your vision

of your retirement. This involves using either a retirement calcu-
lator (these are abundant on the Web) or a spreadsheet to igure

out the numbers. This can be as complicated or simple as you
want, but you should either come up with a number that you can

plan toward, or use the $2 million suggested above. The amount
you’ll need varies on the age at which you plan to retire and how

Ask About Our Acclaimed much you plan to spend in retirement, among other variables.
The important thing is to create a workable roadmap.
Flex-Biz Golf Program...

4
The perfect alternative to a corporate PARTICIPATE IN YOUR EMPLOYER’S RETIREMENT PLAN
membership, Flex-Biz Golf at NJN is now enhanced There is nothing better than free money, and if your em-
ployer ofers matching contributions, you must ind a way to
with access to multiple private clubs. For more
information, contact Pierre Bohemond at participate so that at the very least you make sure you receive the

pbohemond@empiregolfmgt.com or 908-781-9400 full match that you are eligible for. Your irst call after reading
ext. 1104. For information on golf outings, contact this article should be to your HR department to ind out how to
Sean Toohey at stoohey@empiregolfmgt.com.
participate in and take full advantage of the matching program.

579 Allen Rd. | Basking Ridge, NJ 5
CONVERT TO ROTH IRA
NewJerseyNational.com | 908-781-9400
One of the more signiicant changes in workplace culture in

recent years is the fact that people change jobs more frequently.
If possible, convert all of your old 401(k)s and IRAs into Roth

IRAs. Roth IRAs essentially allow you to prepay tax and, as
such, are an excellent form of retirement savings because Roth

accounts are tax-free when distributions are made in retirement,
whereas distributions from traditional plans are taxable.

6
FUND COLLEGE PLANS
If you have babies or toddlers at home, their graduation

march will be here before you know it. If you begin funding their
higher education now, you will have to pay less out of pocket

when they begin attending college. College savings plans are my
personal favorite inancial tool for this purpose, but parents can

also use custodial accounts or maintain separate accounts ear-
marked for college. Regardless of the method, don’t procrastinate

on college savings.

7
PLAN ON SELLING YOUR HOME AS SOON AS POSSIBLE
Downsizing can provide additional liquidity in retirement.

Financial planners do not always agree on the beneits of home
ownership, however the trends cannot be ignored. The Case-

Shiller index has more than doubled since 1987, and while it has
been more volatile as of late, the same can be said about nearly

every asset class. There is no reason not to count your home as an
asset for retirement planning purposes. As such, it is a good idea

to plan on selling the family home and looking for smaller accom-

modations to help fund your retirement.

James Toto is a partner at WeiserMazars LLC. For more, visit weisermazars.com or call 732.549.2800.

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