There are many different retirement savings plans – traditional IRA, Roth IRA, 401k. Here’s how to choose the one that will help you reach your goals. RELATED:
The more money you manage to set aside in a dedicated retirement savings plan, the easier it’ll be to make up for Social Security’s limited buying power. Right now, you can contribute up to $19,500 a year to a 401(k) plan if you’re under the age of 50, or up to $26,000 if you’re 50 or older.
If you have an IRA, the contribution limits are lower. But you can still sock away up to $6,000 a year if you’re under 50, or up to $7,000 a year if you’re 50 or older.
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