How to Reach Your Retirement Savings Goal in 2019

How much do you have saved for retirement? If you’re an employee, you probably have a 401(k) or other sponsored retirement plan, but you don’t have to stop there—there’s more to retirement savings. Depending on your annual income, there are different types of retirement vehicles. One that is often overlooked by many young professionals and self-employed entrepreneurs is the Roth IRA.

A Roth IRA is an individual retirement account that allows you to use after-tax dollars to fund life during retirement. The tax-free factor provides a tax-free stream of income (including gains) when you retire. It’s important to take advantage of this when you’re younger because this tax-free retirement vehicle is not available to you after you reach a certain income threshold.

The IRS also raised the annual Roth IRA contribution limits from $ 5,500 in 2018 to $ 6,000 in 2019 (for individuals under 50). That means you can contribute $ 6,000 to retirement this year and enjoy the benefits of tax-free withdrawals when you retire. If you contribute $ 500/month, you can max out your retirement account goals in 12 months. That adds up to a retirement savings goal of $ 125 a week! Below, are additional steps you can take to reach your retirement goals this year.

Reach Your Retirement Goal in 2019:

Make it Automatic

Are you disciplined enough to automatically set aside a specific dollar amount or percentage of your money and allocate it toward retirement every time you get paid? Most people aren’t. And there’s no point in adding another task to your to-do list when you can automate it. All you have to do it set up recurring transfers from your checking account to your retirement account to ensure you are consistently making contributions.

Allocate Lump Sum Payment Amounts Wisely

Are you going to receive a year-end bonus, tax refund, or another fat check? Have a plan for your money or it can quickly disappear right before your eyes. You can use this money to jump-start your retirement goals, which will decrease the amount of money that you have to save monthly to max out your Roth IRA retirement contributions.

Invest Your Spare Change

Don’t abandon your pennies because they are the foundation of nickels, dimes, quarters, and dollars. A little can go a long way if you are consistent. Your spare change can be used to build your retirement savings. You can use apps that help you invest your spare change, or you can do it yourself.

Manage Income and Expenses

If you’re strapped for cash, you need to decrease your bills or increase your income. Knowing where your money goes will help you determine which expenses are necessary and which can be cut. If you want to increase your income, do yourself a favor and accumulate profitable skills or find ways to profit from your passion as a freelancer or small business owner. A work promotion or a salary increase can also give you something extra to add to your retirement savings.

Take Advantage of the Saver’s Credit

According to the Transamerica Center for Retirement Studies annual survey, only 12% of American workers who meet the income requirements are aware that they can take advantage of this retirement benefit. The Saver’s Credit was designed to reward low- and moderate-income taxpayers for their retirement contribution. What’s the benefit? This credit can reduce your tax bill or allow you to eliminate it.

The best thing you can do right now to prepare for retirement is to start now. Although retirement may sound like it’s eons away, you should get started right away or risk being left behind scratching your head while retirement creeps up on you.


Black Enterprise Contributors Network 

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The Bears Mascot Had the Perfect Reaction to Losing to the Eagles On a Missed Field Goal

The mascot of the losing team is not usually known to be the center of attention at the end of a game.

But during the wild card matchup against the Philadelphia Eagles at Soldier Field on Sunday night, online spectators couldn’t help but note the Chicago Bears mascot’s dramatic reaction to a dramatic loss.

He just fell in defeat, ever so slowly, and he did so with the utmost gravitas.

His soul was crushed, and the internet was smitten.

The Eagles ultimately triumphed 16-15 by shutting down the Bears at the last possible moment thanks to a missed field goal. Cody Parkey’s 43-yard field goal attempt hit the uprights, smacked into the crossbar, and fell back into the field of play in the final seconds, clinching the win for the Eagles.

It was bad news for the Bears and exciting news for fans of the 2018 Super Bowl champions, and the Bears mascot reacted accordingly.

In a different sport entirely, Philadelphia’s own Gritty, the hockey mascot for the Philadelphia Flyers, has a large internet fan base.

But on Sunday night, the internet was in love with a new guy, Staley Da Bear.

Of all the Bears and eagles highlights, all agreed that his strong reaction on the field was something of a masterpiece and people have plenty to say about it.

The Eagles will advance to play the top-seeded New Orleans Saints in Sunday’s divisional round, but not before the internet recovers from some considerable internet breakage at the hands of the Bears mascot.

His antics are not entirely new, but they were appreciated.

Here is the mascot acing the best Bears reaction to loss to Eagles. He is the real most valuable player.

Sports – TIME

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GoFundMe for Jazmine Headley, Brooklyn Mother Who had Baby Ripped From Her Arms by Cops, Exceeds $25,000 Goal

A GoFundMe campaign to raise $ 25,000 for Jazmine Headley, the Brooklyn mother who had her toddler wrestled from her arms by police, exceeded its goal– raising $ 30,894 in just a day.

In a viral video, the 23-year-old mother holds on desperately to her one-year-old son as police officers forcibly attempt to separate the child from her arms.

 

The police were called in after Headley refused a request to stop sitting on the floor of a Human Resources Administration facility. She was on the floor, reportedly, because there were no chairs available as she waited for service.

Headley was arrested and spent time on Riker’s Island, but was freed after New York City Mayor Bill deBlasio’s office convinced the Brooklyn District Attorney to drop the charges against her, reports CBS News.

The GoFundMe was started by the Brooklyn Defender Service, the legal team that got Headley out of jail. According to a note posted on the GoFundMe page, the funds will be used to help Headley get back on her feet and also to “help her pay for child care and other expenses, allowing her to get back to the job and life that is waiting for her.”

The incident is the latest in what has become routine acts of police brutality against people of color. In May, a 23-year-old woman was violently arrested at a Waffle House in Alabama, after she refused to pay $ 0.50 cents for plastic spoons and had requested a corporate phone number to lodge a complaint.

Earlier this year, 22-year-old Stephon Clark was fatally shot by police in his grandmother’s backyard after cops mistook his cellphone for a gun.

And more recently, Jemel Roberson, an armed security guard who apprehended a shooting suspect in a Chicago bar, was mistakenly shot dead by police who thought he was the perpetrator.

 

 

 

 

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