Page 4 - 2018 How to Retire from Florida

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Question #2:

How much should I

save for retirement?

It’s never too late to start saving for Most government and some school boards
retirement. Besides the tax savings you’ll employers offer a 457(b) deferred
enjoy, the power of compounding can help compensation plan that may enable an
you grow your nest egg to make employee to contribute in 2018
retirement more fun! It’s never too up to$24,500 (assuming you’re
late to start over age 50). Your 457(b)
If you are a few years from saving for
retirement, you will want to open contribution can be made in
retirement!
a 403(b) plan or 457(b) plan. These addition to the 403(b)
pre-tax savings plans can help you build contribution limits thereby

another nest egg for retirement. enabling you to have twice the current
federal tax savings.
For calendar year 2018, you can contribute 2 At retirement, you will no doubt have
up to $18,500, plus an additional $6,000 accumulated sick days and vacation days
(assuming you’re over age 50), either to a that you haven’t used.
new or an existing account. Don’t forget the
potential of adding $6,500 to a Roth IRA. You can either get paid a portion of that
value, or depending on your contract, some
employers will put that amount directly into
2018 your 403(b) or you can open an IRA for

your sick leave.

This is another way to avoid paying income

your nest egg!
contribute $24,500 taxes currently and increasing the size of
up to
403(b) or 457(b)
into a
new/existing