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If you're married, you and your spouse may both be making contributions to your respective 401(k) plans. While saving for retirement is always a good idea, when there are two separate 401(k) plans ...
Additionally, maximum Roth or traditional individual retirement account (IRA) contributions are now set at $6,500 (up from $6,000). The IRA catch-up contribution limit (a contribution that allows ...
The IRS released the maximum annual contributions to 401(k) and similar retirement accounts along with IRAs.
SIMPLE IRA – a Savings Incentive Match Plan for Employees that requires employer matching contributions to the plan whenever an employee makes a contribution. The plan is similar to a 401 (k) plan, but with lower contribution limits and simpler (and thus less costly) administration. Although it is termed an IRA, it is treated separately.
A Roth IRA is an individual retirement account (IRA) under United States law that is generally not taxed upon distribution, provided certain conditions are met. The principal difference between Roth IRAs and most other tax-advantaged retirement plans is that rather than granting a tax reduction for contributions to the retirement plan, qualified withdrawals from the Roth IRA plan are tax-free ...
In contrast to the 401 (k) plan, the Roth plan requires post-tax contributions, but allows for tax free growth and distribution, provided the contributions have been invested for at least 5 years and the account owner has reached age 59½. Roth IRA contribution limits are significantly lower than 401 (k) contribution limits.
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