There are many different retirement savings plans – traditional IRA, Roth IRA, 401k. Here’s how to choose the one that will help you reach your goals. RELATED:
The more money you manage to set aside in a dedicated retirement savings plan, the easier it’ll be to make up for Social Security’s limited buying power. Right now, you can contribute up to $19,500 a year to a 401(k) plan if you’re under the age of 50, or up to $26,000 if you’re 50 or older.
If you have an IRA, the contribution limits are lower. But you can still sock away up to $6,000 a year if you’re under 50, or up to $7,000 a year if you’re 50 or older.
» Subscribe to USA TODAY:
» Watch more on this and other topics from USA TODAY:
» USA TODAY delivers current local and national news, sports, entertainment, finance, technology, and more through award-winning journalism, photos, videos and VR….(read more)
LEARN MORE ABOUT: 401k Plans
REVEALED: Best Investment During Inflation
HOW TO INVEST IN GOLD: Gold IRA Investing
HOW TO INVEST IN SILVER: Silver IRA Investing
Yeah and what about all the people who scrimp and save and them die before they retire? All that money goes to their next of kin or some greasy lawyer who swindles it all. Happened to my neighbor. She passed and some lawyer is living in her house and driving her car.
Everyone remember when employers paid retirement?