2020 vs 2021 401k, 403b, 457 and TSP Contribution Limits and Catch-up Amounts

[Updated with the latest contribution limits] The IRS has released updated employer sponsored retirement plan limits, which covers 401(k), 403(b), 457 and Government Thrift Savings (TSP) plans. The annual contribution limits are indexed to inflation. See details and additional explanations below the table. Your 401k maximum contribution limit is the combined total maximum contribution that …

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2020 vs 2021 Savers Tax Credit and Income Limits to Help Workers Save for Retirement

[Updated with latest details per the IRS] The savers credit helps middle to lower income earners save for retirement by providing an offset to retirement plan (401k and IRA) contributions. But a lot of people don’t know about or take advantage of this little known credit, officially referred to by the IRS …

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Target Date Funds – A Good Retirement Strategy For Those With Limited Time and Investment Expertise

Target date funds are mutual funds that are professionally managed with asset allocations and risk profiles set to change along a glide path reflecting your target retirement date. For example you would be buy a 2050 target date fund if you expect to retire around the year 2050. Or put …

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Roth IRA Early Withdrawal Rules For After Tax Contributions, Traditional IRA Conversions and Investment Earnings

A Roth IRA can provide a great way to build up savings for retirement. These accounts allow funds to grow on a tax-free basis. And, provided that the account owner meets just a few requirements, all the money contributed and earned in a Roth IRA account may also be withdrawn without …

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2013 Roth IRA Contribution Limits Based on Filing Status and Income

After several years the IRS has raised Roth IRA contribution levels, along with the annually indexed income qualification levels that allow eligible contributions. This is good news for those looking for tax effective ways to manage their retirement savings. Unlike 401(k) and Traditional IRA plans, you cannot deduct contributions to a Roth IRA …

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Protect Your Retirement Savings Through These 4 Diversification Strategies

With ongoing volatility across global markets and an uncertain future in terms of taxes, regulations and government safety nets such as social security; diversification is key in managing the risk associated with your retirement savings. That’s why these four risk diversification strategies across products and services make a lot of …

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