Immediate steps to take if you’re retiring in 2020

SAN DIEGO (KUSI) – The senior population is San Diego is booming, so if you or someone you know is looking to retire this year, Financial Advisor David Reyes was in studio to discuss some immediate steps to take to be prepared for the golden years.

• Maximize savings. If not already doing so, maximize all tax-free retirement accounts like Roth 401(k)s and IRAs
• Review Social Security. Review income Social Security changes for 2020. Make sure you’re getting the most out of your money.
• Look at 401(k) conversion strategies. It may make sense to convert some or all of your qualified money into Roth money.
• Review Medicare changes. Make sure you’re going to pay the right amount and not more than you should.
• Get your estate plan set up. Meet with a professional to build your estate plan. If you already have an estate plan, review it.

Categories: In Studio Guests, Local San Diego News