![]() Meanwhile, you have to make less than $140,000 a year as a single person or $208,000 as a married couple for the privilege of contributing the maximum $6,500 in after- tax dollars to a Roth IRA. ![]() Further, you can only contribute if you make under $76,000 a year as an individual and $125,000 as a married couple. With the IRA retirement plan, you can only contribute $6,500 in pre-tax dollars. In other words, it’s up to all of us to take care of our own retirement needs and not depend on anything else.Īlthough the 401(k) pales in comparison to a nicely funded pension, even more disappointing than the 401(k) is the IRA. The other two legs include your after-tax investment accounts and your side hustles. The maximum amount you can contribute is $22,5, up from $20,500 in 2022.Ī 401(k) is part of your new three-legged retirement stool. Unfortunately, the 401(k) is one of the most woefully light retirement instruments ever invented. My goal is for all of you to become 401(k) millionaires. Are you looking for a 401(k) savings guide? This post will go through how much I think you should have in your 401(k) by age in order to have a comfortable retirement in your 60s and beyond.
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