You Only Have 50 More Days to Make This Key Retirement Move
Seniors who rely on Social Security for all of their retirement income often wind up cash-strapped as a result. That's why it's important to save for your senior years independently. And if you have access to a 401(k) plan through your employer, you have a prime opportunity to set yourself up for a financially solid future.
The great thing about 401(k)s is that they come with generous contribution limits. In 2021, you can put in up to $19,500 if you're under 50 and up to $26,000 if you're 50 or older, thanks to a $6,500 catch-up provision.
These limits don't include funds contributed by your employer as part of a matching incentive. And they're also going up in 2022.
Source Fool.com
