4th Quarter 2018

Streamline Your Finances for the New Year

Streamline Your Finances for the New YearAs you start the new year, it's the perfect time to streamline your finances. The following steps can help you automate and consolidate your accounts, making it easier to keep track of your investments.

Automate your savings. Having money from your paycheck automatically invested directly into your 457 plan makes it easy to make saving a priority because the money goes into the account before you have a chance to spend it. If you get a raise, you can use some of the extra money to increase your contributions — the limit for 457 plans has increased to $19,000 in 2019 ($25,000 if you're age 50 or older). You can also save automatically in an IRA, with that limit at $6,000 in 2019 (or $7,000 if you're age 50 or older).

Consolidate old accounts. If you've had a few different jobs through the years, you may still have several retirementsavings accounts with former employers. It's easy to lose track of that money. You can roll over old accounts into an IRA and may be able to roll them into your 457 or 401 plan. Or you can make the most of resources to help you keep track of all of your accounts. ICMA-RC's Account Aggregation service lets you connect and view all of your ICMA-RC accounts and other financial accounts in one location, so you can see a full snapshot of your finances in one place. You can sign up by logging in to your account at www.icmarc.org/login.

Simplify your investments. There are several ways to get professional help with your investments. Start by visiting www.icmarc.org/invest and clicking on Choose Your Approach to Investing to find out more about resources ICMA-RC provides to help with investing for retirement.

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