Do You Know Your 401k Maximum
Contribution?
When you're planning for your retirement,
you want to be assured that you're saving as much as you can. You want to
be sure that you're investing wisely. And you want to be sure that the money
you save and invest will continue to grow so that you can rely on it when
you retire.
But there are some complications. 401k plans
have a maximum contribution value. Roth IRA accounts have a maximum contribution
amount.
And the worst part of the 401k maximum contribution
is that the value assigned to it varies based on different limits. In some
plans, the limit is set to the maximum amount your employer allows you to
contribute. In other cases, the 401k maximum contribution is determined by
the federal government.
In other words, understanding your 401k maximum
contribution can be a frustrating task. The information will be different
-to some extent -for everyone. Do you know that your financial advisor is
up to date on the 401k maximum contribution for your plan?
More than that, given the 401k maximum contribution,
can you be sure that it's the best plan for you to have in your financial
plan? Sure, your employer may offer matching contributions, but is that really
enough for you to rely solely on your 401k plan for your retirement savings?
One way to tell is to make the time to really
understand your savings and investment strategy. One way to understand your
savings and investments is to download our free retirement calculator.
With this calculator, you'll be able to gain
a better understanding of your savings accounts and investments -including,
but not limited to, your 401k plan. You'll be able to see the ways in which
you savings accounts, stocks, bonds and mutual funds have performed -individually
and as a group -over time. You'll also be able to get projections for how
your savings and investments will continue to perform over the next 25 years.
You can rely on those projections because
they will take interest rate changes and inflation into account. The figures
that you see will reflect the way that your retirement savings will perform
based on the savings and investments that you have now.
But, more importantly, you will be able to
see how changes that you make to your savings and investment strategy will
affect the income that you have available when you retire. You'll be able
to explore hypothetical situations -see how different 'what if' scenarios
will affect your savings and investment portfolio -including what would happen
if you needed to withdraw money from your retirement savings for an important
purchase while you are still working.
And once you've had the chance to look at
all of the information about the performance of your financial plan and the
way it will be affected by the changes you make to it, you can talk one on
one with a retirement counselor.
When you download our free retirement calculator,
you'll also receive a free consultation with a financial advisor. You'll get
answers to all of your questions -whether they are about your 401k maximum
contribution or your desire to withdraw money from your retirement savings
to put a down payment on a new home.
You'll get expert advice that is based on
your savings and investment strategy. You'll be able to turn that strategy
into a plan and learn about putting that plan into motion. You'll be able
to know with certainty that you are saving and investing in a way that will
allow you to reach all of your retirement goals.
Why be limited to a 401k maximum contribution
for your retirement savings? Take the time to explore other options and see
how you can be sure that your savings and investments strategies will bring
you the retirement that you've always dreamed of having -the retirement that
you deserve.
Get started quickly. Take control. Download
our free retirement calculator and see for yourself how to make your retirement
savings and investments work for you.
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