We’re a few weeks away from the start of a whole new year and you know what that means – it’s time to make our New Year’s Resolutions! From an economic standpoint, 2018 was good to quite a few of us. But as we look to 2019, we have an excellent opportunity to secure even greater financial wellness.

Angie Isakson, a senior manager on Rea’s retirement plan administration team, is here to talk about some great savings strategies that can empower you to save even more for retirement.

Making Hardships a Little Less Hard

The ultimate goal for retirement plans is to save more for retirement, obviously, but the current hardship withdrawal rules are limiting that ability. At the moment, if you apply for a hardship, you have to exhaust any loan availability – but starting in 2019, they’re doing away with that. They’re also doing away with the rule that doesn’t allow someone to defer anything from their paycheck for six months after applying for a hardship withdrawal, meaning you can continue to save for retirement after applying.

If you want to make 2019 a banner year for your bank account, you will be interested in these other topics discussed in this episode:

• More changes to hardship withdrawal rules.
• The IRS private letter ruling regarding student loan repayments.
• General retirement savings strategies to remember in 2019.

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