How to Make Your Own Retirement Fund (From Investopedia) [2 Articles]
~ Friday, May 10, 2024 Blog Post ~
By James McWhinney, December 19, 2023
It’s not as daunting a task as you may think
Building a retirement fund — which we will define as saving enough money to pay your bills when you are no longer working — can seem like a daunting challenge. Taking a practical approach that focuses on what you can do today will help you tackle the challenge one step at a time.
KEY TAKEAWAYS
- Building a successful retirement plan is a long-term process requiring commitment and discipline.
- Your primary goals should be increasing your income and reducing your debts.
- It’s not enough to save money; you need to invest it wisely.
- Retirement accounts often have tax advantages; by taking advantage of your company’s 401(k), you may also receive matching contributions.
- Retirement savers may also contribute to IRAs with contributions limited to $6,500 in 2023 and $7,000 in 2024. For both years an additional $1,000 is allowed if you are 50 and over.
Retirement Fund Theory vs. Reality
Regardless of your current age or income, the recipe for a successful retirement fund has a simple formula: Set a goal, commit to it, and repeat. One common approach encourages would-be investors to participate in their employer-sponsored retirement savings plan. Another suggests entering personal information into a retirement planning calculator to project how much money will be needed to fund retirement.
While both ideas are great in theory, reality can come crashing down quickly. Consider, for example, that about 30% of all private-sector workers in the U.S. don’t have access to retirement benefits, as of March 2023, as reported by the U.S. Bureau of Labor Statistics. That, of course, leaves 70% who do, but only 75% of workers with access to a plan choose to participate in it, and only 53% of all American workers in the private industry are saving in one.1
Also, the enormous dollar amounts that most people see when they use a retirement planning calculator can be disheartening. A savings goal of a million or more dollars can seem unreachable to younger workers with low incomes, high debts, and nothing in the bank.
“Thinking in terms of the total amount of money you will need in retirement is daunting. But I believe if you break it down into small steps, it is much easier to swallow,” says Shane P. Larson, CFP, an independent financial planner.
Given these realities, let’s start with a difficult scenario — one most of us find ourselves in early in our careers — and lay out a practical plan for building a retirement fund. Under this scenario, we’ll assume that you do not have an employer-sponsored savings plan and a high-paying job and do have a high debt burden from college loans, a car payment, and rent or a mortgage, in addition to living expenses.
53%
The number of Americans working in the private sector who are participating in a retirement plan as of March 2023.1
U.S. Bureau of Labor Statistics. “Retirement Benefits: Access, Participation, and Take-up Rates.”
Set a Goal, Commit, Repeat
Several goals can be set in this scenario. The first is to start saving. Even if it’s just a few dollars a week, open up a bank account and deposit the money. While a bank account isn’t the best investment vehicle in the world, it is a great way to start to make saving a habit. Remember, building a retirement fund is a long-term journey — and, as the saying goes, even a journey of a thousand miles starts with a single step.
Once you’ve set and committed to the goal of saving, the next goals are clear: increase your income and reduce your debts. Achieving the first objective will help you achieve the second one. To increase your income, you can either take a second job or get a better-paying job than the one you currently have.
Important: The power of compound interest is crucial to successful retirement planning.
Although it may take time and effort to increase your income, it will help you stick to your plan if you keep in mind that this is a long-term effort. Set a goal of getting a better job (or a second job), then commit time to a dedicated job search.
Once you’ve achieved your goal, your newfound income will enable you to reduce your debts. Then you will be able to tuck more money into your retirement fund. Putting together a budget can help you with this process. It’s a great way to make sure your money is being used wisely. Remember that the earlier you start, the more time your savings have to increase through what experts call “the magic of compound interest.”
“The power of compound interest is the eighth wonder of the world. Having a long-term mindset with compound interest as your ally will allow you to turn a small, consistent savings rate into a comfortable retirement,” says Mark Hebner, founder, and president of Index Fund Advisors, Inc. in Irvine, Calif., and author of “Index Funds: The 12-Step Recovery Program for Active Investors.”
Don’t Just Save, Invest
Once you’ve increased your income and your savings, you should have enough money saved up to trade in your bank account for an individual retirement account (IRA). At this stage, you are transitioning from saving money to investing money.
The Internal Revenue Service (IRS) establishes the annual limit as to how much a person can contribute to an IRA. For 2023, individuals under age 50 can contribute $6,500 to an IRA. If you’re 50 or over, you can add a catch-up contribution of $1,000 for a total of $7,500 per year. For 2024, these numbers are $7,000 and $8,000, respectively.2
You can, of course, start with a much smaller amount. An IRA is different from a regular investment account; you need to open one with a firm that handles IRAs. If you don’t know much about investing, think of it as a way to put your money to work earning more money. From a practical standpoint, you can start by putting your money into a mutual fund, as it is one of the easiest methods of investing for beginners.3
Just choose either an index fund that replicates a major U.S. stock market index, such as the S&P 500, or an actively managed fund that invests in blue-chip stocks. To get focused, set a goal of learning more about investing and commit to that goal.
Start by checking out Investopedia’s introduction to investing to pick up the basics and get the terminology down. Let topics that catch your attention help you to determine the next subject that you would like to learn about.
Again, this is a long-term endeavor. Don’t try to absorb everything all at once. Just start reading, commit to doing it regularly, and stick to it. As you learn more, take time to teach yourself about mutual fund fees and make sure you aren’t reducing your returns by paying more than you need to.
Get Yourself a 401(k)
Once you master the art of budgeting and start investing, you’ll probably want more money to increase both your standard of living and the amount you invest. Another job search can help you to achieve these goals.
This time, look for a job that offers a 401(k) plan with an employer that matches your contributions. Invest enough to get the full company match. Over time, as you get raises and promotions, increase your contribution rate to the maximum allowable amount.
“Working for a company with a 401(k) is one thing. Working for a company that offers matching contributions is another. 401(k) matching is where you can really see your funds grow — and fast,” says David N. Waldrop, CFP, president of Bridgeview Capital Advisors, Inc., in El Dorado Hills, Calif.
The IRS has established annual contribution limits for 401(k)s. The maximum contribution to a 401(k) — as an employee — is $22,500 for 2023 ($23,000 for 2024). If you are 50 or over, catch-up contributions of $7,500 for each year are also allowed.2
For example, let’s say you earn $50,000 per year, and your employer is willing to match 5% of your salary as long as you also contribute a minimum of 5%. As a result, your minimum contribution would be $2,500 (5% of $50,000), and your employer would deposit $2,500 annually into your 401(k). The employer match is free money.
The annual match has the potential to increase your savings rate dramatically because the matching contributions get invested, and the interest and earnings on that money get compounded over the years along with your contributions.
Can I Set Up My Own Retirement Fund?
Yes, you can set up your own retirement fund. One of the most common ways to do so is by opening an individual retirement account (IRA). You can fill this account with a selection of stocks of your choosing, almost like building a personal mutual fund. IRAs come in two forms: a traditional IRA, which is funded with pre-tax dollars, and a Roth IRA, which is funded with after-tax dollars. The annual contribution for both is $6,500 in 2023 and $7,000 in 2023, with a catch-up contribution of $1,000 for each year if you are age 50 or older. Roth IRAs come with income limits, which determine if and how much you can contribute.24
How Do I Create a Retirement Plan?
Creating a retirement plan starts with creating a budget. Knowing how much income you have coming in and what your expenses are, will help you understand your financial situation. The goal of this is to cut down on debt and save money. The more you save, the more you can put toward retirement.
Once you have money saved, you can start contributing to retirement plans, such as individual retirement accounts (IRAs). If your employer has a 401(K), you can contribute there as well, particularly if they match contributions. Other such plans include 403(b)s, 457(s), and the Thrift Savings Plan.5
If you’re closer to retirement as opposed to starting out in your career, you will have a better idea of how much money you will need in retirement and you can start adjusting for that.
Can You Build Your Own 401(k)?
If you do not work for an employer, you cannot contribute to a traditional 401(k); however, if you are self-employed, you can build your own 401(k). For example, if you are self-employed and have no employees, you can open a solo 401(k) and contribute to it as both employer and employee.678
The Bottom Line
Retirement planning is a long-term endeavor. Think of a marathon rather than a sprint. It will take most people a lifetime of effort to build a solid retirement fund.
“Preparing for retirement is more about persistence and less about brilliance,” says Craig L. Israelsen, Ph.D., investment portfolio designer of 7Twelve Portfolio in Springville, Utah. “When thinking about getting ready for retirement, think Crock-Pot — not microwave.”
Commit to the effort and continue bettering your position by reducing your debts, improving your income, and increasing your education (among other activities). While the early years will be a challenge, with every passing year, the progress that you have made will become more evident.
Sources:
https://www.investopedia.com/articles/personal-finance/102815/how-make-your-own-retirement-fund.asp
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
- U.S. Bureau of Labor Statistics. “Retirement Benefits: Access, Participation, and Take-up Rates.”
- Internal Revenue Service. “401(k) Limit Increases to $23,000 for 2024, IRA Limit Rises to $7,000.”
- U.S. Securities and Exchange Commission, Investor.gov. “Mutual Funds.”
- Internal Revenue Service. “Amount of Roth IRA Contributions That You Can Make for 2023.”
- Internal Revenue Service. “Types of Retirement Plans.”
- Internal Revenue Service. “Retirement Plans for Self-Employed People.”
- Internal Revenue Service. “401(k) Plan Overview.”
- Internal Revenue Service. “One-Participant 401(k) Plans.”
Article #2: Retirement Fund: How to Start Saving (From Investopedia)
By Stephen Simpson, December 7, 2022
The most important thing is simply to begin
Unless you are independently wealthy, setting aside money today to see that you have enough for the years down the road by starting a retirement fund is not an option — it’s mandatory.
Unfortunately, inertia can be a powerful force, and going from not saving to saving can be daunting to most people. So much investment and financial advice are designed for people who have already begun saving and investing for the future. Below are some strategies for those looking to start the process.
KEY TAKEAWAYS
- The most important step to take in saving for your future is to start saving.
- The government and many businesses offer incentives to save, such as IRA or 401(k) accounts, which allow account holders to accumulate savings tax-free for many years.
- An employer’s contribution to a retirement account amounts to free money, and the benefit should be maximized.
Starting a Retirement Fund
If you earn money, you pay Social Security taxes, but the funds used to pay Social Security benefits are expected to become depleted. According to the Social Security Administration (SSA), the 2022 annual report containing financial projections shows that the Social Security fund will be able to pay the full scheduled benefits until 2034. After that point, the trust fund will be depleted and only 77% of the scheduled benefits will be able to be paid with continuing tax income.1
Thus, it is unclear how well its benefits will cover the actual cost of living. Simply consider the debate today over chained CPI, a newer way of measuring the pace of rising prices called inflation, and what that could mean to the value of future benefits.
It is also important to note that the government (and many businesses) offers incentives to save. Putting aside money into an appropriate qualified retirement plan, such as an individual retirement account (IRA) or a 401(k), lowers a tax bill in the year that the money was saved and can accumulate tax-free for decades.23
Similarly, many companies will also contribute funds if an employee contributes to a retirement account. An employer’s contribution amounts to free money, and most financial advisors would encourage their clients to maximize this opportunity.
Challenges at the Start
Most people who are not already saving believe they do not have enough money to meet day-to-day expenses, let alone have any left over to save. However, paying yourself should be every bit as much of a priority as paying other people. Of course, it is unwise to default on loans or allow bills to go past due, but if you don’t take care of yourself, who will?
There will be months when you come up short and have little to save. You will also find that your investment choices may be limited. It is important not to become discouraged, but to save as much as you can, as often as you can.
Start Small
The personal-finance industry is set up to cater to those who have considerable wealth — virtually every bank and brokerage would rather deal with 10 millionaires than 10,000 people with $1,000 each. Nevertheless, your savings and retirement plans should be based on what meets your needs, not those of the financiers.
To that end, even $250 or $500 in retirement savings is a worthwhile start. Any savings establishes a habit and a process. There are multiple brokers now that offer no-minimum, no-fee retirement accounts. The key to saving for retirement is to be consistent. It should be a continuous, lifelong habit.
Thus, it helps to set yourself up for success. For example, don’t attempt to scrape together the cash for a last-minute contribution to an IRA in April right before you file your tax return. Instead, save a little each month, ideally using an online savings account, and only tap into it in extreme emergencies.
Most of these online accounts will allow you to automatically deduct a set amount every month from your regular account. If your employer offers a 401(k) program, you can have deductions made automatically from every paycheck.
Important: Brokerage firms should be selected based on the fees charged and their range of ETFs and mutual funds.
Selecting a Brokerage Firm
An increasing number of large, national, well-known (they advertise on TV) brokerage and mutual fund firms are willing to open small accounts without fees or minimums. Opening accounts with these larger firms can be a good idea. They often have a wide selection of investment options (mutual funds, exchange-traded funds, or ETFs) and the most transparent and reasonable fees.
Also, these large firms have the infrastructure to offer you additional services (including personal investment advisors) as your needs change over time.
It is important to take the time to make a good selection. Most, if not all, firms charge fees for transferring accounts, and switching firms repeatedly will reduce your savings. Focus on fees and the range of ETFs and mutual funds that they offer. Don’t be too concerned with the trading tools and services they provide, because trading is not wise when you are saving and have limited funds.
Be Realistic About Risk
Those who are just starting to save for retirement also need to consider investment risk. While academics and investment professionals struggle to define and measure risk, most ordinary people have a pretty clear understanding of it: What’s the likelihood that I’m going to lose a substantial portion of my money (with “substantial” varying from person to person)?
Novice savers and investors should be realistic about risk. While any amount of savings is a good start, small amounts of money are not going to produce livable amounts of income in the future. This means that it makes very little sense to invest in fixed-income or other conservative investments at the beginning. Similarly, you don’t want to invest that initial savings in the riskiest areas of the market, so avoid the riskiest areas of the market — no biotech, no bitcoin, no gold, no leveraged funds, and so on.
A basic index fund (a fund that matches a popular index such as the Dow Jones Industrials or S&P 500) is a good place to start. There is certainly a risk that the price will fall, but the odds of a total wipeout are nearly zero and favor a reasonable amount of growth.
Tip: The best first investments are in mutual funds and ETFs, which are low cost and require little effort.
Your First Investments
As a new saver/investor, your first investments will most likely be in ETFs or mutual funds. ETFs and mutual funds allow you to invest almost any amount of money (from a little to a lot) with little hassle and cost. With a mutual fund or an ETF, you can take $500 and essentially buy tiny stakes in dozens (if not hundreds or thousands) of stocks all at once, giving you a greater likelihood of seeing positive returns and fewer major losses.
Index ETFs have become popular in recent years. For a minimal cost (an initial commission and a small annual fee that is paid or deducted automatically from the shares themselves), an investor can effectively buy the entire S&P 500 or other popular indexes. A growing number of ETFs allow investors to invest in broad categories such as “growth” or “value,” which is something that has been available to mutual fund investors for decades.
Mutual funds, however, still have their place. They often give investors the benefits of active management from a fund manager, who makes decisions on a day-to-day basis to try to earn higher returns for investors. By comparison, most ETFs run on autopilot — holding a specified list of stocks (usually matching an index) and only changing when the index changes.
When looking for mutual funds, determine the fees and expenses (lower is better) and also look at the performance. Ideally, you want a fund that has not only performed well overall compared to its peers but has also lost less money in the bad times.
What to Choose
Regarding first investments, consider two or three ETFs. Most mutual funds have minimum investment amounts of $1,000 or more, so they may not be an option yet. Consider buying one or two of the following ETFs:
- Vanguard Total Stock Market (VTI)
- SPDR S&P 500 (SPY)
- Vanguard Dividend Appreciation (VIG)
- Vanguard Value (VTV)
- Vanguard Growth (VUG)
- Vanguard FTSE All-World ex-US (VEU)
- Invesco Dynamic Large Cap Value (PWV)
- SPDR Dow Jones Industrial Average (DIA)
- SPDR S&P Dividend (SDY)
- Invesco S&P 500 Pure Growth (RPG)
If you can afford to own two or three, try to get a good mix. For example, one large market fund (VTI, SPY), an international fund (VEU), and either a growth (VUG, RPG) or value (VTV, PWV) fund, based on your personal preferences.
$5,000
The suggested amount to have in retirement savings before investing in stocks.
Accumulating More
Over time, the habit of saving will hopefully take hold. Moreover, you may find that your earnings increase, and you can save more. As you do that and your initial investments grow in value, you will find that you have an increasing number of investment options.
With more money to invest, mutual fund investment minimums may be less restricting, and you may be able to own more funds and ETFs. You may also find that you can afford to take more risks (investing more in growth stocks or more aggressive growth equities) or target particular types of investments (investing in specific sectors or geographical areas). If this becomes the case, be careful not to diversify excessively. It is much better to have five great ideas than 15 mediocre ones.
Some readers may be wondering by now when they can start buying individual stocks. There is no hard-and-fast rule here, but I would suggest that $5,000 in total savings is a good number to use as a minimum. There is nothing wrong with investing $1,000 in an individual stock or two and keeping the rest in funds or, if you are comfortable, increasing the allocation to individual stocks.
Investing in individual stocks is quite different from investing in funds or ETFs. It requires assuming more responsibility for your investment decisions, which requires the investment of considerable time and research. The rewards can be greater, but without the ability to invest the necessary time on an ongoing basis, it is wiser to choose funds and ETFs for the long term.
As your earnings increase and you have more money left at the end of the month, try to max out your annual contributions to your 401(k), IRA, SEP IRA, or whatever savings options are available to you. Contribute up to the annual maximum allowed by law.4
Types of Retirement Plans
401(k) Plans
The 401(k) plan is a popular defined-contribution retirement plan offered by many employers. The 401(k) features many investment options that employees can contribute using pre-tax dollars, some of which may be matched by the employer (subject to a vesting period).5
The money in a 401(k) grows tax-deferred, meaning that you won’t have to pay taxes on the contributions or the gains until you start to make withdrawals in retirement, presumably at a lower tax bracket.
For tax year 2022, workers under age 50 can contribute a maximum of $20,500 to a 401(k). This increases to $22,500 for tax year 2023.6 Those 50 and older can also include an additional $6,500 in catch-up contributions, which increases to $7,500 for 2023.6 These limits are indexed to inflation, and are updated annually.
403(b) Plans
The 403(b) plan is similar in many ways to the 401(k) but is only offered by non-profits, governments, or government-agency employers such as public schools or public hospitals. There are some small differences between a 403(b) and 401(k), but for most employees these wouldn’t matter.
Employees of state and local governments may instead be offered a very similar 457(b) plan.
Traditional IRA
A traditional IRA is an individual retirement account that you self-direct using pre-tax dollars that then grow tax-deferred.5
Internal Revenue Service. “Traditional and Roth IRAs.”
An IRA can be opened with a brokerage firm and you can buy and sell securities like stocks, ETFs, bonds, and mutual funds, although there are some restricted asset classes like precious metals and real estate that cannot go into an IRA.
Contribution limits for 2022 are $6,000 per year ($6,500 for 2023), with savers age 50 and older able to make an additional $1,000 in catch-up contributions.6 These limits are indexed to inflation and adjusted annually.
Roth IRA
A Roth IRA uses after-tax dollars instead of pre-tax dollars. Investments then grow tax-exempt rather than tax-deferred. Roth IRAs have the same annual contribution limits as a traditional IRA, but are subject to income limits.5
The income phase-out range for Roth contributions for married couples filing jointly for 2022 is $204,000 to $214,000; for single filers and heads of household, it’s $129,000 to $144,000. For tax year 2023, the income phase-out range for Roth contributions for married couples filing jointly is $218,000 to $228,000; for single filers and heads of household, it’s $138,000 to $153,000.6 If you earn above those amounts, you cannot contribute to a Roth at all.
SEP and SIMPLE IRA
If you are self-employed or the owner of a small business, there are additional retirement plan options.
A SEP IRA (which stands for simplified employee pension) allows employers of any size to contribute pre-tax dollars toward employees’ and their own retirement. Only employers, including the self-employed, can contribute to a SEP IRA. In 2022, employers can contribute up to $61,000 or 25% of the employee’s compensation, whichever is less. This limit increases to $66,000 for tax year 2023.6
SIMPLE stands for “Savings Incentive Match Plan for Employees.” Only businesses with less than 100 employees can set one up. A SIMPLE IRA has two contribution formulas that can be used. An employer can either:
- Match up to 3% of the employee’s annual contribution, or
- Set up a non-elective 2% contribution of each employee’s salary without requiring employee contributions.1
In 2022, the contribution limit for employees is $14,000. Employees aged 50 years and older can make additional catch-up contributions of up to $3,000. For tax year 2023, the contribution limit for employees is $15,500, and employees aged 50 years and older can make additional catch-up contributions of up to $3,500.78
Defined-Benefit (DB) Pensions
Some, though a dwindling number of employers still offer defined-benefit (DB) pensions. These are essentially guaranteed lifetime annuities that pay a steady income stream to retirees until their deaths. Employers are responsible for the pensions along with any investment decisions that go into them.
Other Options
Saving in organized retirement accounts is just one type of saving, but there are many more options. The government has specific rules and limits on how much you can save each year in tax-sheltered accounts.9 However, there are no limits on the savings you can put into ordinary taxable brokerage accounts. Although the dividends can be subject to taxation, and you will pay taxes on capital gains, you are still saving and building wealth.1011
Retirement Saving Tips
In addition to the information provided above, there are some general tips that you can use to maximize your retirement savings potential. Some of these include:
- Invest with the appropriate risk profile: even if you usually avoid risk, the longer you have until retirement, the more aggressive your retirement portfolio should be. Then as retirement approaches, shift into more conservative allocations. Target-date funds are easy set-it-and-forget it mutual funds that automatically make these risk adjustments for you over time.
- Diversify: don’t put all of your eggs in one basket. Diversification is the key to maximizing expected return while minimizing risk. One retirement savings mistake is to allocate too much to your company’s stock in your 401(k). While having a small amount of company stock is fine, too much can create unnecessary risk.
- Employer match: If your employer matches contributions, it is essentially free money. Maximize this benefit if you have it. This may mean increasing your own contribution level to get there.
- Automate savings: Have your retirement contributions automatically taken out every month or week so you don’t have to worry about forgetting. Automating also keeps your emotions in check when markets become volatile, since investing when stocks are down can mean buying at deep discounts when they bounce back.
- Start early: There’s no time like the present. The earlier you start funding a retirement account, the longer it has to grow and compound. That said, even if you’re older it is worthwhile to begin saving for retirement instead of putting it off indefinitely.
How Much Do I Need to Save for Retirement?
How much you need to save for retirement depends on your current age, income, and the lifestyle you want when you retire. There are several rules and heuristics you can use to estimate what’s needed, although none of these are foolproof:
- 15% of gross salary: Save 15% of your gross salary for as long as you can
- 4% rule: Divide your desired annual retirement income by 4%, So, if you make $50,000 per year, you would need 50,000/0.04 = $1,250,000.
- Age rules: By age 30 you should have 1x your annual income saved, 3x by age 40, 6x by age 50, 8x by age 60, and 10x by age 67.
What Type of Retirement Fund Is the Best?
All qualified retirement plans have their pros and cons. Some have different tax advantages but may be limited in the amount you can contribute or are subject to income caps. Others may only be available to small business owners and their employees. Yet others may offer employer matching contributions. In the end, any retirement account is better than none at all.
Is a 401k a Retirement Fund?
Yes, a 401(k) plan is a common type of employer-sponsored defined-contribution retirement fund.
How Do I Start a Retirement Fund?
You can open an IRA with your brokerage and sometimes even your bank. If you work for a company, you will also often have access to a 401(k) plan (or similar). All you have to do is sign up and start funding it.
The Bottom Line
The most important part of any savings or retirement plan is simply to start. There is no one right way to save money or to invest. You will make mistakes along the way, and sooner or later, you will see the value of some (if not all) of your holdings decline. While this is not desirable, it is normal. What is important is that you keep saving, learning, and looking to build wealth for the future. If you establish the habit of saving money every month, take the time to place your money wisely, and patiently allow your wealth to build, you will be taking huge steps forward in making your financial future more secure.
Sources:
https://www.investopedia.com/articles/personal-finance/051613/how-start-saving-retirement.asp
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
- Social Security Administration. “A Summary of the 2022 Annual Reports: A Message to the Public.”
- Internal Revenue Service. “Publication 590-A: Contributions to Individual Retirement Arrangements (IRAs),” Page 3.
- Internal Revenue Service. “Retirement Savings Contributions Credit (Saver’s Credit).”
- Internal Revenue Service. “Retirement Topics — Contributions.”
- Internal Revenue Service. “Traditional and Roth IRAs.”
- Internal Revenue Service. “401(k) Limit Increases to $22,500 for 2023, IRA Limit Rises to $6,500.”
- Internal Revenue Service. “Retirement Topics — Catch-Up Contributions.”
- Internal revenue Service. “Retirement Topics — SIMPLE IRA Contribution Limits.”
- Internal Revenue Service. “How Much Salary Can You Defer if You’re Eligible for More than One Retirement Plan?”
- Internal Revenue Service. “Topic №409 Capital Gains and Losses.”
- Internal Revenue Service. “Topic №404 Dividends.”
