{"id":19538,"date":"2023-03-06T12:59:33","date_gmt":"2023-03-06T17:59:33","guid":{"rendered":"https:\/\/azzadasset.com\/?p=19538"},"modified":"2025-03-14T19:18:34","modified_gmt":"2025-03-14T23:18:34","slug":"how-to-boost-your-retirement-savings","status":"publish","type":"post","link":"https:\/\/intelliserver.net\/wordpress\/blog\/how-to-boost-your-retirement-savings\/","title":{"rendered":"How to Boost your Retirement Savings"},"content":{"rendered":"\n

How to Boost your Retirement Savings<\/strong><\/p>\n\n\n\n

For many of us, a trip to the grocery store is a constant reminder of how much inflation keeps creeping into our pocketbooks. Add taxes, market volatility, and the rising costs of healthcare and it\u2019s no wonder so many of us are feeling anxious or even overwhelmed when we think about our retirement savings. Fortunately, when it comes to taxes, you don\u2019t have to feel powerless. By planning now, you can design a tax efficient plan and feel more confident about reaching your goals.<\/p>\n\n\n\n

There are basically three types of accounts in which you can grow your savings. Two types are specifically earmarked for retirement:<\/p>\n\n\n\n

Pre-tax retirement accounts<\/strong>: You contribute before<\/em> taxes, then pay ordinary income taxes on withdrawals after<\/em> retirement. These are typically business plans such as traditional 401(k)s, 403(b)s, and SIMPLE and SEP IRAs. If you\u2019re in a high tax bracket and\/or still working, you\u2019ll generally want to save the most in these types of accounts.<\/p>\n\n\n\n

Traditional IRAs can be established outside of work. However, depending on various circumstances, your contributions and withdrawals may not be before<\/em> taxes.<\/p>\n\n\n\n

After-tax retirement accounts<\/strong>: You contribute\u00a0after<\/em>\u00a0taxes, but withdrawals are tax-free, with some caveats. These are business plans like Roth 401(k)s or Roth IRAs. Consider taking advantage of your lower income years by contributing to a Roth or even doing a Roth conversion. High-income professionals who earn too much to be able to contribute directly into a Roth IRA may be able to do so through a backdoor Roth IRA. A backdoor Roth could land you with a tax bill<\/strong><\/a>\u00a0so consult with your Azzad advisor before taking advantage of this strategy.<\/p>\n\n\n\n

Since taxes are likely to have a bigger impact on our future savings than even market swings, most of us will want at least one-third of our retirement savings in this bucket.<\/p>\n\n\n\n

In both these types of accounts, your money grows tax-free while it remains in the account. This helps it accumulate more quickly than if it were subject to ongoing taxes. Each account type has varying rules about when, how, and how much money you can contribute and withdraw without incurring penalties or unexpected taxes owed.<\/p>\n\n\n\n

Taxable accounts: <\/strong>You contribute after<\/em> taxes, and any dividends or capital gains you earn are taxed annually (when they occur). These are mutual funds, stocks, real estate, and investment accounts that are nonqualified. This bucket is essential for emergency funds and growing your required minimum distributions when applicable, and it\u2019s generally more flexible than retirement accounts.<\/p>\n\n\n\n

Having a balanced tax triangle empowers you with the flexibility to strategically manage your savings in the most tax-efficient way. It gives you options when you\u2019re ready to dip into them. Your future retired self will thank you.<\/p>\n","protected":false},"excerpt":{"rendered":"

How to Boost your Retirement Savings For many of us, a trip to the grocery store is a constant reminder of how much inflation keeps creeping into our pocketbooks. Add taxes, market volatility, and the rising costs of healthcare and it\u2019s no wonder so many of us are feeling anxious or even overwhelmed when we […]<\/p>\n","protected":false},"author":1,"featured_media":19539,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[9,13],"tags":[93,493],"class_list":["post-19538","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-retirement","tag-401k","tag-retirement-savings"],"yoast_head":"\nHow to Boost your Retirement Savings - Azzad Asset Management<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Boost your Retirement Savings - Azzad Asset Management\" \/>\n<meta property=\"og:description\" content=\"How to Boost your Retirement Savings For many of us, a trip to the grocery store is a constant reminder of how much inflation keeps creeping into our pocketbooks. 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