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How to Painlessly Save for Retirement
“Save as much as you can” is a common recommendation for how much to save for retirement. While it is good advice, it could be better. Instead of an arbitrary “as much as possible” amount, your retirement savings goal should be clear and realistic. Having a firm goal allows you to create a plan, increasing your chance of actually saving. How much do I need? But, what should your goal be? Most experts recommend you save 10-15% of your income, beginning in your 20s. Overtime, this amount will grow due to compounding. When you retire, you’ll have a lot more than simply the sum of all of your deposits.…
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Higher Retirement Contribution Limits Announced for 2019
You can now sock away more money for retirement in 2019 than before! The IRS has just announced an increase in 2019 retirement contribution limits. This is good news as it allows you to grow your nest egg more. The 2019 contribution limit for employees participating in a 401(k), 403(b), most 401(k), 403(b), most 457 plans, and the Thrift Savings Plan have increased to $19,000. Previously, the limit was $18,500. The catchup limit for savers 50 and older is an additional $6,000. In addition, the contribution limits for IRAs increased to $6,000. This limited have remained at $5,500 since 2013. The catchup limit for those 50 and older remains at…
