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 utilize Bob's 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 30 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 advisor.
When you test Bob's Retirement Calculator, you'll also receive a free consultation with a TRUSTED 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 with Bob's Retirement Calculator so you can Win the Race to Retirement and Retire On Track. Then you will see for yourself how to make your retirement savings and investments work for you.
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