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When you contribute 6% of your salary into a tax-deferred 401 (k)— $2,100—your taxable income becomes $32,900. $35,000 x 0.06 = $2,100. $35,000 - $2,100 = $32,900. The income tax on $32,900 is ...

Retirement accounts are designed for long-term investing — at least 10, 20 or 30 years if not more. It’s usually not a good idea to stop 401 (k) contributions just because the market is down ...

4. Take Advantage of the Gift of Time. One of the most important elements of retirement planning is time. Even if you invest a small amount, getting started early is the key to success, said ...

For 2022, the 401 (k) annual contribution limit is $20,050, but since boomers are all over the age of 50, they can make additional catch-up contributions of up to $6,000 a year."There's no...