Saving an Extra $100 a Month in Your Retirement Plan Could Leave You This Much Richer
If you're already contributing money to an IRA or 401(k) plan, you're doing your part to secure your retirement. But are you saving enough? If you're years away from leaving the workforce, it's hard to know. After all, how are you supposed to anticipate what your living expenses will look like two, three, or four decades from now?
Still, as a general rule, your goal should be to set aside enough money so you wind up retiring with 10 times your ending salary. And to do that, you may need to boost your savings rate beyond what it is today.
IRAs currently max out at $6,000 a year for workers under 50, while 401(k)s top out at $19,500. These limits will also remain in effect in 2021. Hitting the maximum contribution for either account could prove challenging unless you're a super-high earner with incredible self-control.
Source Fool.com
