Tag: 401K

If you're self-employed and not taking full advantage of a SEP IRA or Solo 401(k), you're likely leaving a significant amount of tax-deferred savings on the table every year. I've talked to a lot of freelancers and small business owners over the years who are diligently contributing to a regular…

For 2026, the IRA contribution limit is $7,500 — the first increase from the $7,000 limit that held for 2024 and 2025. Whether you're putting money into a traditional IRA or a Roth IRA, that's your combined ceiling across all IRA accounts. The IRS announced this increase in IR-2025-111, along…

The IRS has released its latest individual employee contribution annual limits for those participating in employer sponsored retirement programs covering 401(k), 403(b), 457 and Government Thrift Savings (TSP) plans. Changes are shown in the table below. The contribution limits are indexed to inflation and as a result are adjusted annually…

The Saver's Credit gives lower- and moderate-income workers a direct tax credit — not just a deduction — for contributing to a retirement account. For 2026, the income limits increased across all filing statuses, so more people now qualify than in prior years. The IRS confirmed these thresholds in Notice…

[2013 Update] With a deal to avert the fiscal cliff reached and legislated under the American Taxpayer Relief Act (ATRA) of 2012, a couple of significant employer sponsored retirement plan features have reappeared with some modifications. This includes the Roth 401(k) conversion and Charitable IRA contributions. You can read more…

Two major SECURE 2.0 changes took effect in 2026 that most people haven't fully absorbed yet. If you're between 60 and 63, your 401k catch-up limit jumped to $11,250 — significantly more than the $8,000 available to other workers over 50. And if you earned more than $150,000 last year,…

Changing jobs used to mean your old 401(k) sat wherever you left it until you got around to dealing with it — or, if the balance was small enough, your former employer quietly cashed it out and mailed you a check minus withholding. That default is changing. Under SECURE 2.0,…

GOP presidential candidate Mitt Romney and his wife paid a 14% effective income tax rate in 2010 on nearly $22 million of income. Given the marginal federal income tax rate for anyone making over $35,350 (single) or $70,700 (married) is higher than 15%, it is pretty clear that the Romney's…

10 or so years later, I thought I would revisit how Americans (and myself) are doing with their retirements savings in 401K and IRA plans. This is particularly important as Americans age and contribution limits keep rising. Based on Fidelity's 2022 report, the average 401(k) balance is $121,700. This is…

The IRS set the 2026 employee 401(k) contribution limit at $24,500 — up $1,000 from $23,500 in 2025. If you're 50 or older, you can add another $8,000 in catch-up contributions for a total of $32,500. And if you're between 60 and 63, a SECURE 2.0 super catch-up provision lets…

If you're self-employed or running a small business, the retirement account options available to you are frankly better than what most corporate employees get — and most people don't fully take advantage of them. I hear from a lot of small business owners who are using a regular Roth or…

Knowing the exact age at which something happens to your retirement accounts is more valuable than most general planning advice. Miss an RMD at 73 and you're looking at a 25% penalty. Claim Social Security two years too early and that reduction follows you for life. Here's a clear map…

Boosting retirement savings isn't about finding one clever trick — it's mostly about using the accounts and incentives already available to you more fully than you currently are. Here are ten concrete ways to do that in 2026. 1. Get Your Full Employer Match If your employer offers a 401(k)…