When it comes to your retirement plan, deciding on the amount to save can be an important decision. If you are looking to save as much as possible, wonderful! But be aware that often times saving may have its limits.
“Is there a maximum that I can put into my retirement plan?”
So, is there?
Well, many times, there is. And that’s always dependent on the type of retirement plan that you have. So, for example, if your retirement plan is a 401K, you can put a percentage of your income in and once you max that out, you’re not allowed to put in any more because, of course, you’re deducting those dollars.
Those maximum amounts vary by the type of retirement plan that you have and many, many people who are saving toward retirement find that they have more money available they want to save than they’re allowed to put into their retirement plan.
Limited or unlimited
So what do you do in that situation when the maximum is not enough for you?
Well, there’s good news.
You can opt for a retirement plan that has an unlimited contribution that you can make into that plan; has a minimum contribution that you need to consider, but the maximum can be a lot of opportunity for you to save dollars.
At Barber& Associates Financial Group, that’s what we specialize in, in helping people pick the perfect retirement plan so that you can put in the amount of money that is going to be meaningful to you. So consider that question if you’re finding that you are limited by what you can put into your retirement plans, that there are options available to you.
Finding the Answers
I created twenty videos responding to the most important questions that people ask me about their money, their financing, their investment, and their retirement plans.
If you’d like to know the answer to these questions, sign up and we will send you, as a free gift, these twenty videos responding to these most important questions.