What Is Your Ideal 401(k) Contribution?
August 18, 2020
No matter your age, you probably have a lot of questions and concerns about saving for retirement. How to save for it, what options are available, and how much money should you be socking away? Get help determining an ideal 401(k) contribution strategy.
One of the most common ways to start saving for retirement is through an employer-sponsored 401(k) plan. Many companies offer them, and for many employees, this is their sole retirement savings account. But with so many options, unfamiliar terms, stipulations, and rules, 401(k)s can be mystifying even to financially-savvy savers.
Basically, you need to consider 1) the contribution limits for the current tax year, 2) any matching contribution offered by your company, 3) the increased contribution limit for those over age 50, and 4) the contribution rate that will ensure a successful retirement.
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