401k, IRA: How to choose a retirement plan that’s best for you | For My Money

by | Dec 25, 2022 | 401k | 2 comments




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.

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2 Comments

  1. Jayden P

    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.

  2. der Jakob

    Everyone remember when employers paid retirement?

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