Close Menu
BestNewsOnline
    Facebook X (Twitter) Instagram
    BestNewsOnline
    • Retirement planning
    • Insurance
    • Real estate
    • Subscription
    BestNewsOnline
    Home»Personal Finance»401(k) Dues: Where can I put my money after I max out my 401(k)?
    Personal Finance

    401(k) Dues: Where can I put my money after I max out my 401(k)?

    December 30, 20222 Mins Read
    WhatsApp Facebook Telegram

    IIf you’re one of those worker bees that likes to anticipate everything in life, maybe you’ve already maxed out your 401(k). Maybe you haven’t looked at it in a while, but you’ve been consistent with your deposits in your retirement account and recently discovered that you’ve maxed it out. Either that or the 403(b) accounts can only take a certain amount of money, but don’t feel stressed. There are ways you can continue to add to that retirement account, regardless of the maximum level of your 401(k) is.

    All people who retire aim to live their life in the best possible way during their post-retirement years. The main plan is to have the best possible life during a time when you probably want to travel or spend more time with your loved ones. Before making decisions on how to continue saving your income, you must first ensure that you are on the right path to maximizing your 401(k) before retiring. Once that’s done, you can start planning the many options you have.

    How to Better Save Money After Maximizing Your 401(k) and 403(b)

    After making sure that you will reach the maximum on one of the two accounts, you must remember that 401(k) or other similar retirement accounts may allow you to contribute up to $19,500 per year. If you are 50 or older, the catch-up contribution is $6,500. It goes up to $26,000 per year. For a retiree, this amount of money is not bad for covering basic expenses and living a decent life in retirement.

    In case you don’t know, you can always take the Individual Retirement Account (IRA) itinerary. Maximizing 401(k) and 403(b) doesn’t have to prevent you from reaching your retirement goals, so it’s a great option for you to keep saving. If you meet certain IRS guidelines and are under age 50, you can continue to save up to $6,000 before taxes in an IRA. Those 50 or older can add an additional $1,000, which means they could save $7,000 before taxes per year. Other options are Simplified employee pension (SEP), save with your spouse, increase your emergency fund, save in a personal annuity, save in a 529 plan and save on healthcare costs. The options are there, just look for them.

    Add A Comment
    Leave A Reply Cancel Reply

    What's hot

    Ulster County Insurance Agent Appointment

    October 25, 2022

    Early retirement has taken off during the pandemic. An economic downturn could change that

    October 25, 2022

    RetireOne Announces Key Executive Promotions and New Hires

    December 1, 2022

    9 retirement planning facts you should know – St George News

    July 29, 2022
    Don't miss

    Sussex County DE real estate may cool, but don’t expect a crash

    January 6, 2023

    A real estate company buys Loyal Plaza, Planet Fitness to establish itself there | Local business news

    December 22, 2022

    Three-bedroom home sells in Granville for $420,000

    January 30, 2023
    Picked for you

    LACERA invites tenders for the system’s emerging real asset management program

    Retirement planning February 2, 2023

    The Los Angeles County Employees Retirement Association invites proposals from qualified companies to implement the…

    BestNewsOnline.net is owned and managed by

    Top10 International FZ LLE
    Office 2002, 20th Floor, Creative Tower
    Fujairah, United Arab Emirates
    TRN: 100608946800003

    • Home
    • Contact us
    • Privacy policy
    • Terms and services

    Type above and press Enter to search. Press Esc to cancel.