NOVEMBER 2020 VOLUME 25 • ISSUE 7
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Retirement Planning Tips Everyone Can Follow To Save More Money written by RIKI MARKOWITZ
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If there’s one message that’s driven into the minds of every working adult in the U.S. it’s to save for retirement (and start early! But that would be two messages). The exact amount one should have socked away by the time she or he hits their mid-60s or 70s varies depending on factors like earnings and spending habits. But one thing is certain, if you’re an independent contractor who does not have some type of investment working to multiply your cash, then you will hit retirement without much more than a social security check to your name, which should be extraordinarily worrisome. Compared to other industries, real estate has one of the highest percentages of independent contractors. That means most agents and brokers do not have an employer to deduct taxes from paychecks and there’s no workplace-sponsored defined contribution pension account — also known as a 401(k) — in which an employer may match funds at a percentage of the employee’s monthly deposits. For a full-time and salaried W-2 employee, it can be a lot easier to pay yearly taxes and then stash extra earn-
ings into long-term savings accounts or diversified funds. For 1099 workers, like 87 percent of REALTORS in Texas according to the National Association of REALTORS 2020 Member Profile, the only way to guarantee you have a comfortable retirement is by being your own financial advocate.
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What does it mean to be a financial advocate? It’s not complicated. It means tracking your income, keeping debt as low as possible and saving a percentage of every
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paycheck. The first two items on this list are easy enough. And while saving money doesn’t sound difficult, what it actually entails is pinching off a percentage of every commission check and allocating the funds for an emergency, into a retirement fund, for bills, taxes due and to
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pay down debt. It’s not uncommon for 1099 workers to get that “deer in headlights” feeling when researching retirement savings accounts. Some of them are income-dependent and others have a contribution cap. There are also accounts that are funded with post-tax income and others in which deductions are taken the year they’re made. Here is a quick rundown of different retirement plans that will help you get started. [Retirement tips continues on page 16]
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