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Retirement saving rules change in 2019, prompting more Americans to save

Posted at 5:29 PM, Jan 07, 2019
and last updated 2019-01-07 22:47:10-05

(KSTU) -- If you don't control your finances, they'll control you. That's the message from financial planners as 2019 begins, with new tax laws making it easier to save for retirement.

The tax reform passed last year allows workers to save up to $19,000 a year if they're under fifty and $25,000 a year if they're fifty or older.

Gary Gygi of Gygi Capital Management says workers should set a goal to save fifteen percent of their income for retirement, and periodically reevaluate their investments.

"Don't set it and forget it. Check in June to see if the portfolio you've established is performing the way you want it to," Gygi said.

The median retirement investment for Americans between 45 and 54 years old is $82,600.