For many, saving for retirement is one of many competing goals. A handful of taxpayers managed to make it a priority and save the maximum to their 401(k) in 2016, according to IRS data.
More than 4.6 million taxpayers maxed out their retirement plan contributions in 2016, the latest data from the IRS. At the time, the most you could defer was $18,000, plus $6,000 if age 50 and over.
We all want to max out our 401 contributions — and a select handful of taxpayers are doing just that. Older workers were among the most ambitious savers. In all, the over-60 crowd accounted for more than 1 million taxpayers who were able to save the maximum to their retirement plans that year.
"You don't want to make decisions that are detrimental," Landsberg said. "You're paying off loans, you have credit card debt accruing – you don't want to have too low of a take-home check."
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Kamala Harris Is Running for President in 2020. Here's Where She Stands on 9 Important Issues.Including her plan to guarantee workers up to six months of paid family and medical leave.
Weiterlesen »
Kamala Harris Is Running for President in 2020. Here's Where She Stands on 9 Important Issues.Including her plan to guarantee workers up to six months of paid family and medical leave.
Weiterlesen »
Leaked documents show Target's modernization plan that workers say has backfiredA 54-page rollout guide was sent to store directors and executives in August of 2018 that outlined how to create a 'culture of efficiency.'
Weiterlesen »
Here's the Number 1 reason why seniors work well into retirementWhile staying at your job could keep you engaged well into your 60s, many people continue to punch in because they need the money. Nearly 2 out of 3 seniors say their finances are a primary driver behind their decision to keep working, a survey found.
Weiterlesen »
Lidl just announced it will give its part-time workers medical benefits, which Whole Foods just cutLidl's decision comes after Business Insider reported that Amazon-owned Whole Foods plans to cut benefits for part-time workers in 2020.
Weiterlesen »