4 Ways to Save More in Your 401(k) in 2018

4 Ways to Save More in Your 401(k) in 2018

It's estimated that 79% of Americans work for employers that sponsor a 401(k). If you're one of them, then the upcoming year is a great time to get moving on your savings efforts. That's because come 2018, the annual 401(k) contribution limits are increasing to $18,500 for workers under 50 and $24,500 for those 50 and over. If you're hoping to ramp up your savings going forward, here are a few tips that'll help you accomplish that goal.

If you're expecting some extra cash to come your way next year, be it in the form of a performance bonus or a raise, then one of the smartest things you can do is stick all of it directly into your 401(k). Think about it: That additional income isn't cash you've come to rely on to pay your living expenses, so if you put it into your retirement savings, you won't actually miss it. And this way, you'll avoid the temptation to blow that money on needless indulgences.

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Source: Fool.com