Great news for all you retirement savers out there, the IRS says you will be able to contribute more to your retirement accounts in 2019. These changes to individual retirement accounts like 401(k) plans, Traditional IRAs and even Roth IRA are part of the annual inflation adjustments made by the IRS. Larger retirement contribution can mean lower tax bill. Not to mention more income in retirement.
A key component in this plan is having the money to live an enjoyable life. But picking the right retirement plan can be confusing. In this post, we aim to simplify things and help you make a more informed choice.
The advantage of accumulating after-tax assets in a retirement account is that when they are distributed, the amounts will be tax- and penalty-free. However, this benefit is realized only if the necessary steps are taken.
Matching is a terrific benefit, and approximately 92% of companies that offer 401(k) plans provide a match. To make the most of your employer match, you need to understand when the funds legally become yours, through vesting.