Ashlea Ebeling
speaker
2,002 appearances
38 recordings
1 series
first heard Jul 2022
last heard Feb 2025
Ashlea Ebeling’s voice in public audio — every appearance, attributed to the second.
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In some plans, it's a percentage.
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And in some plans, it's a dollar amount.
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The plan administrators will cap it to make sure that you don't go over the limits.
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So that's a sore point for people who don't have 401ks.
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They're generally limited to IRAs and Roth IRAs for retirement savings, and those have much lower limits, much lower contribution limits.
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Those are also subject to inflation adjustments, but they didn't go up this year because of the way the inflation adjustments work.
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So for an IRA or Roth IRA, it's still the $7,000 annual basic limit and $1,000 limit for catch-ups.
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So there are different tax implications, whether you choose traditional versus Roth.
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And the limits are the same, but the traditional pre-tax contributions reduce your taxable income.
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You pay taxes when you eventually take the money out of the account.
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And then by comparison with a Roth account, you're paying the taxes up front and the money grows and can be withdrawn tax-free.
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So it takes a lot to hit the max.
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In a lot of cases, it's two-earner couples where people are able to do this.
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Say a 60-year-old earns $150,000.
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They would have to save 23% of their salary to max out the basic limit and the new super catch-up.
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It is, but it...
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still can make sense if you have the wherewithal to do it.
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Sometimes it would be a two-earner couple or just a one-earner couple where they're making it work.
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I talked to one man who's in his late 50s, and he said they've stretched to make sure they're putting the maximum in as it is now, and they're going to try to do so when he reaches 60 with the idea that this is the money that you're going to live on in retirement.
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As Congress is debating all these different individual tax provisions that are set to expire at the end of next year, whichever candidate it is for new tax cuts, they're going to have to get money somewhere.
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Showing 401–420 of 2,002 · page 21 of 101
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