Investors will be able to contribute $500 more to a 401(k) or save in a myRA in 2015.
Maximize your retirement savings by avoiding these common pitfalls.
Between employer contributions and the ability to defer income tax on your own contributions, 401(k) plans often help you come out ahead in retirement saving. However, high fees, expensive investments, poor plan design and a lack of company contributions can sometimes diminish these benefits.
Stung by a recession that sapped investments and home values, but
expressing widespread job satisfaction, older Americans appear to have accepted
the reality of a retirement that comes later in life and no longer represents a
complete exit from the workforce. Some 82 percent of working Americans over 50 say
it is at least somewhat likely they will work for pay in retirement, according to
a poll released Monday by the Associated Press-NORC Center for Public Affairs
Financial planners always tout the benefits of 401K savings plans. But under some circumstances, savers might be better off putting their money elsewhere.
A 401(k) is meant to go untouched until a person
retires, but more than a quarter of Americans use
their retirement accounts to pay current
The economic recovery may be slow, but 401K
balances are at a 12-year high. The average
account balance has jumped to nearly $76,000.