US. At what age should you stop saving for retirement?
It’s that time of year. My accountant sent my husband and me a note yesterday asking how much we planned to contribute to our retirement accounts for 2020. Obviously, that makes a difference in our pending tax bill.
I sighed. Our contributions are fully deductible since neither of us has an employer-provided plan. But last year was a rocky one for self-employed workers like us, and our budget has been tight. My speaking business came to a screeching halt in March. All my booked speeches canceled.
Finding the cash to sock away right now can and will be done, but it did give us pause to figure where to tap the funds to set aside.
Maybe I’m sharing too much, but at our ages, it did make us pause and think, should we really still be contributing to a retirement account? My husband is nearing the time he will start to take required minimum distributions by law at 72 from his tax-deferred retirement accounts. (If you reach age 70 ½ in 2020 or later you must take your first RMD by April 1 of the year after you reach 72.)
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