If your employer offers a 401(k) account, you can make contributions to the plan with pre-tax dollars. Your investments grow on a tax-deferred basis, meaning you don’t pay taxes on what you invest or its earnings until you make withdrawals in retirement.
Employers may incentivize employees to contribute to their 401(k) plans by matching a portion of their contributions, up to a percentage of their salaries. For 2022, the contribution limit for 401(k) accounts is $20,500 per year, or 100% of your compensation, whichever is less. If you are 50 or older, you can make a catch-up contribution of $6,500. Any employer contributions do not count toward this limit.
Go to https://shatekahusser.com/ and download your retirement planning workbook so you can begin TAKING ACTION toward your retirement.
RETIRE BEFORE YOU EXPIRE ⏰
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