Maxing Out Your 401(k) Could Score You This Much by Retirement kxly.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from kxly.com Daily Mail and Mail on Sunday newspapers.
KXLY
May 14, 2021 3:45 AM newsfeedback@fool.com (Diane Mtetwa)
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Updated:
May 14, 2021 10:13 AM
A 401(k) can be a valuable resource in your retirement savings strategy. If you consistently take maximum advantage of its benefits, you should enter your golden years quite well off. In 2021, people whose employers offer such accounts can contribute as much as $19,500 to them.
The government has gradually increased the annual 401(k) contribution limit over the years, and it’s likely that it will continue to do so. But if it stays the same, this is how much you could accumulate over time by maxing out your contributions, assuming the max individual contribution in 2021 of $19,500, to this tax-advantaged retirement account.
Should You Max Out Your 401(k) This Year? kxly.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from kxly.com Daily Mail and Mail on Sunday newspapers.
22 Feb 2021
The Thrift Savings Plan is the first thing that comes to mind when many military members think about investing. The TSP is a great investment vehicle and should be a big part of your retirement planning. However, there are other retirement plans you may be able to invest with, including an Individual Retirement Arrangement, or IRA.
IRAs have a few advantages over investing with the TSP. First, you have access to a wider range of investments. The TSP is limited to five basic stock and bond funds, plus a variety of target date funds. But IRAs can hold investments in stocks, bonds, mutual funds, Exchange Traded Funds (ETFs), precious metals, real estate and much more. Just make sure your investments fit in your overall investment strategy.
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