How to maximize your 401(k) contributions
As we close in towards the end of 2019, it’s a good idea to look at maximizing your 401k contributions before December 31. The maximum contribution you can make for 2019 is $19,000 with an additional $6,000 if you are over 50. Passing an opportunity to grab that free money from your employer plus the added bonus of compounded tax-deferral is a big mistake. Remember, you can’t look at your retirement savings as an expense… you must see it as moving money from one pocket to the other. With the employer match, it can be an instant 100% return on your investment.
If you don’t have access to an employer sponsored 401k plan, there are many options to get the tax-deferred growth. Just let us know and we can guide you in the right direction. It’s never too late to start saving for retirement!