DD Images / Shutterstock.com Your 401(k) is one of the most reliable ways to save for retirement, offering tax advantages and the potential for long-term growth. However, even a well-designed plan can fail if you make common mistakes. These mistakes can quietly erode your retirement fund, whether it’s due to high fees, poor diversification, or … Read more
Prostock Studio / Shutterstock.com An unexpected expense of $15,000 — whether it’s an emergency home repair, a medical bill, or a sudden loss in the market — can derail even the most carefully designed retirement plans. For retirees on fixed incomes, recovering from such a financial hit requires thoughtful planning and decisive action. The good … Read more
Since I started saving for retirement in 1999, I’ve been a proponent of tax-deferred retirement vehicles like the 401(k) and a skeptic of now-taxable vehicles like the Roth IRA. Working in banking, I was already paying taxes and had no desire to pay more. Honestly, I wasn’t familiar with a Roth IRA or a jumbo … Read more
Pathdoc/Shutterstock.com Transitioning into retirement is a big transition. It’s not easy to spend the bulk of your life earning and saving, and then switch to living off those savings. This new phase of life can last for decades, which is why it’s important to think about your future needs so you don’t run out of … Read more
The 401(k) contribution limit for employees in 2025 increased to $23,500, up from $23,000 in 2024. The employer contribution limit also increased to $46,500, bringing the employee and employer 401(k) contribution limits to $70,000 for 2025. Don’t underestimate the power of employer 401(k) contributions, especially as you advance in your career. As you gain seniority, … Read more