Tuesdays With Morey - Tax Tips®

Planning for your retirement can be time-consuming and difficult if you are not an expert on the savings plans available. There are 401(k) plans, profit sharing plans, IRAs and others. The trick is to understand the requirements and benefits each plan offers. Some will allow you to borrow money from yourself to buy cars or international real estate. The loan will be with yourself and you pay yourself back the interest and your taxes are lower. In order to realize the benefits of retirement plans, you must sign up by the end of the current tax year which is December 31, 2016. Don’t delay, save money today.   Key Takeaways: [1:17] Planning for your retirement before the end of the year. [2:30] 401(k) profit sharing plans allow for savings up to 25% of annual compensation. [4:15] There are many different savings vehicles to consider when planning for your retirement. [7:19] Combination plans offer diversity for your investments. [9:30] Retirement plan accounts must be open prior to December 31, 2016. [10:10] You