Its never too late to start saving, your first option is to contribute to your company's 401(k) program and keep in mind most companies have a matching program that can give you up to 6%. Employer matching of your 401(k) contributions means that your employer contributes a certain amount to your retirement savings plan based on the amount of your own annual contribution. The limit on contributions by employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan remains unchanged at $19,500 in 2021.
The catch-up contribution limit for employees aged 50 and over who participate in these plans remains unchanged at $6,500.
Its never too late to start saving, your first option is to contribute to your company's 401(k) program and keep in mind most companies have a matching program that can give you up to 6%. Employer matching of your 401(k) contributions means that your employer contributes a certain amount to your retirement savings plan based on the amount of your own annual contribution. The limit on contributions by employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan remains unchanged at $19,500 in 2021.
The catch-up contribution limit for employees aged 50 and over who participate in these plans remains unchanged at $6,500.