Only about 1% of the 30 million or so people who contribute to their Fidelity retirement accounts have managed to save at least $1 million. The average 401(k) balance hovers around the $100,000 mark. So it must be near impossible for regular folks to reach seven-figures heading into those golden years, right? However, the numbers suggest otherwise….
To help boost savings resolutions in 2019, consider increasing your contributions to retirement plans, as the IRS has raised the limits. Last Thursday, the department released new contribution limits for employer-sponsored retirement plans like 401(k)s….
One major benefit of saving in a 401(k) over an IRA is getting an opportunity to snag free money in the form of an employer match. It's estimated that 92% of companies that sponsor a 401(k) also offer matching contributions to varying degrees, and if yours does the same, you have a real opportunity to boost your nest egg tremendously….
With tax time fast approaching, I often encounter confusion about what can and cannot be done with traditional IRAs and defined contribution [DC] plans in different scenarios. So, here are some pointers that might help you juggle the two....