Honolulu (KHON2) – Kay Mukaigawa of Engel & Völkers Honolulu and Troy Wada from INPAC Wealth Solutions talk about financial plans, including retirement accounts before the end of the year.
According to Kay Mukaigawa of Engel & Völkers Honolulu, maximizing the gains and looking at tax savings is a key part in smart retirement planning, especially when it comes to contributing to 401K.
“Regarding a 401K plan or employer sponsored plan, you can contribute $22,500 if you’re over 50, you can contribute another $7,500 which makes your grand total $30,000 in 2023. Now if you didn’t make that change from last year, you can adjust your contributions now till the end of the year to try and make that up. If you don’t have an employer sponsored plan and are contributing to an IRA or Roth IRA, you can contribute $6500 to those if you are under 50 and $7500 if you are 50 and over,” Troy Wada, Principal Wealth Advisor of INPAC Wealth Solutions.
Those looking to learn more financial tips and advice on 401K can do so by attending an Engel & Völkers Honolulu Saturday seminar, and reach out via email or phone.
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Segment Paid For by: Engel & Völkers Honolulu