Andrew Lokenauth | TheFinanceNewsletter.com
Andrew Lokenauth | TheFinanceNewsletter.com

@FluentInFinance

5 Tweets Dec 25, 2022
Is $1 million enough for retirement?
How much should you save for retirement?
One way to determine how much you should contribute to your 401(k) is to use a retirement savings calculator. These calculators can help you estimate how much you will need to save in order to retire
These calculators can help you estimate how much you will need to save in order to retire comfortably, based on factors such as your current age, expected retirement age, current savings, and expected income in retirement.
It's generally a good idea to contribute as much as you can afford to your 401(k), up to the maximum contribution limit set by the IRS.
For 2021, the maximum contribution limit for 401(k) accounts is $19,500 for those under 50, and $26,000 for those aged 50 and over.
However, you should also consider your current financial needs and priorities, and make sure that you have enough money saved to cover your short-term expenses and emergencies.
In general, experts recommend that you aim to save at least 15% of your gross income for retirement.
However, this may vary depending on your age and other factors.
The amount that you should contribute to a 401(k) account will depend on your individual financial situation, including your income, expenses, and retirement goals.

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