3 Year-End 401(k) Moves You Must Make

Now that 2019 is on its way out, it's time to start thinking ahead to 2020. But before you get too busy ringing in the new year, take time to give some attention to your retirement savings. If you make these key 401(k) moves before the end of the year, you'll be thankful for it after the fact.

Maxing out a 401(k) is hard, given that the annual contribution limits are currently set at $19,000 for workers under 50 and $25,000 for those 50 and over (and they're going up in 2020). But even if maxing out for the year isn't an option, it still pays to put a little bit extra into that account before the year is up. If you're saving in a traditional 401(k) as opposed to a Roth, any additional money you put in will serve the very important purpose of lowering your tax burden for the current year.

Furthermore, if you haven't yet contributed enough money to your 401(k) to snag your full employer match, then aim to do so before 2019 wraps up. If you don't, you'll effectively be giving up free money.

Source Fool.com