February 7, 2011
How Good is Your Retirement Game Plan?
Is your retirement savings working as hard as it should be? Start the year off right with a look at 401(k)s and your retirement plan.
The New Year is the perfect time to reevaluate your retirement savings strategy to make sure you’re still on track.
If your employer offers a 401(k) or similar plan, make sure you’re participating. If they match a portion of your contributions, save up to at least the matching amount; otherwise, you’re leaving free money on the table.
Here’s why 401(k)s lower taxes: Your contributions are deducted from your pay on a pretax basis, which lowers your taxable income and means you pay less to Uncle Sam. Your contributions and earnings then grow tax-free until withdrawn at retirement.
If you don’t have a 401(k), open an Individual Retirement Account or IRA.
Bottom line: The sooner you start and the more you can put away, the better.
- Taxes in Retirement
- Financial Help for Seniors
- Diversify Your Investments
- Rethinking Retirement
- Be Careful When Choosing 2011 Benefits
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