this post was submitted on 25 Sep 2023
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United States | News & Politics
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We need regulations (laws) to make them viable for retirement.
A forced match plus a 10% pay paid for by the employer.
Most people just can’t save enough in a 401k to make it solid retirement program. You’re capped at little under 20k a year. I may mine every year.
I wouldn’t even mind a national pension plan or something similar.
The current system isn’t viable for many reasons.
My mom is retired but she has two pensions and social equity plus some other income. She’s in a rare spot that she’s very comfortable in retirement.
The amounts have changed. For 2023, the current 401K maximum is $22,500, and if you are 50 or older, $30,000.
For 2023, the total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than: $6,500 ($7,500 if you're age 50 or older), or. If less, your taxable compensation for the year.
Cutting the budget to come up with an extra $28,000 is the hard part.
I’m not eligible for a Roth and I don’t get a tax deduction for an Ira. I do roll over my 401k into an Ira when I go to a new employer.
The amount change ever year but they really don’t amount to a good retirement.