Mayflower Portcast


Funding Retirement Accounts
During Tax Season

There’s no doubt about it: COVID has upended many aspects of life this past year, and household finances are no exception. Recent data notes that nearly 15% of Americans with retirement savings accounts like 401(k)s and individual retirement accounts capped those funds over this past year—with another 13% noting the need and intent to do so in the imminent future.

Those numbers paint a discouraging picture, but there is finally a glimmer of hopeful light at the end of this coronavirus tunnel, and there is no time like the present to re-evaluate your retirement savings strategy to be sure you are doing all you can to make the most of that hard-earned money.

Senior Wealth Manager John Wilcox advocates a long-term approach to maximizing retirement plan contributions during tax season—and beyond: “…[F]unding a retirement account is more than just what the accountant tells them to do: It is a year-round habit, making present decisions for future opportunities and income planning for yourself and your family.”

Listen now and read the full-text transcript here.

All information contained herein is informational in nature and not intended as individualized financial, legal or tax advice. Wealth management and financial planning decisions are complex and fluid and should be structured around each client’s unique situation and needs. Parties should carefully consider all related benefits, risks and costs and speak to their trusted advisors before making any significant decisions.