Set up your retirement savings

Written by Reed Tinsley | January 27, 2009

Most people find it easier to max out their retirement contributions by budgeting a set amount each month.  Instruct your employer to withhold $1,375 per month for your 401(k) or 403(b) plan to ensure that you hit the max of $16,500 in 2009.  Are you self-employed?  If so, you can sock away up to $49,000 in year 2009 into a SEP, Keogh or Solo 401(k), which equals $4,083 per month.  And if you'll be 50 or older by December 31st, the limit jumps to $22,000 for 401(k) and 403(b) salary deferrals, and $54,500 for Solo 401 (k)'s.

REMEMBER: Most people today are not PLANNNING for their retirement! Get busy.

About the Author

Reed Tinsley CPA

This article is written by Reed Tinsley, a Houston, TX-based CPA with over 30 years of experience advising physicians and medical practices across Texas and the United States. Reed holds certifications as a Certified Valuation Analyst (CVA), Certified Healthcare Business Consultant (CHBC), and Certified Financial Planner (CFP), specializing exclusively in the healthcare sector. He is a published author, nationally recognized speaker, and trusted advisor to physicians on accounting & tax, practice management, and financial planning. Schedule a Free Consultation.

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