Only half of Americans have access to a 401(k)—here's how to save for retirement if you don't via CNBCMakeIt
Using a 401 plan to save for retirement is an attractive option: You get tax advantages, the funds are automatically taken out of your paycheck for you and sometimes your company even matches your contribution up to a certain amount, which is essentially free money.
He adds:"This survey shows that roughly half of households have access to a work-based plan — and so that half is more likely to be 'the haves' and the people who don't have a work-based plan are more likely to be 'the have nots.'" Like a traditional IRA, there's also a contribution limit: $6,000 a year, or $7,000 for people age 50 or older.
That said,"if your business gets off the ground and you can afford to start saving more, then you can consider opening up a SEP IRA on top of your traditional or Roth IRA and save even more." "You don't get as many tax benefits, but you have a lot more flexibility," he says."There's no age restrictions on pulling the money out and there's no contribution limit."
The main requirement for opening an HSA is having a high-deductible health care plan , one that offers a lower monthly premium and a higher deductible. This is a good option for those who are generally healthy and don't have to go to the doctor's office or hospital that often, Holeman says:"If you are on medications, have a chronic illness or might be going to the doctor often, then having a high deductible will probably be very expensive for you.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Here's how many working Americans aren't saving any money for retirement or emergencies at allHere's how many working Americans aren't saving any money for retirement or emergencies at all via CNBCMakeIt
Read more »
Here's the No. 1 reason why Americans are struggling to save money—and it's not debtHere's the No. 1 reason why Americans are struggling to save money—and it's not debt via CNBCMakeIt
Read more »
3 ways people may save for retirement in the futureIt’s going to take a village to prepare most Americans for their golden years.
Read more »
How To Save On Taxes: Retirement AccountsTwo of the major financial planning issues that we help clients the most with are saving for retirement and tax efficient financial strategies. And in fact, retirement planning and tax planning can, and should, go hand in hand.
Read more »
Almost half of men say they don't know what's an acceptable compliment to give a coworkerMore than half of U.S. employees surveyed said they know a woman who has been sexually harassed at work, and half also admitted they'd never spoken up after hearing a colleague make an inappropriate comment about a person of the opposite sex. - CNBC
Read more »
Beto O'Rourke says he 'totally' understands if Americans don't want another white man for president“The government at all levels is overly represented by white men,” former Representative Beto O'Rourke of Texas said before announcing his 2020 presidential bid.
Read more »
How much money Americans are saving for retirement—and how much you need if you want to retire by 65How much money Americans are saving for retirement—and how much you need if you want to retire by 65 via CNBCMakeIt
Read more »
Here's how to make coffee even when you don't have a coffee makerIf you’ve ever woken up to find your coffee maker dead or broken the glass carafe in a half-asleep state, don't fret.
Read more »
Don't know much about ETFs? Here's an introYou don’t have to be a rocket scientist to understand the difference between mutual funds and ETFs. It’s all simpler than you suspect. investinyou (in partnership with acorns)
Read more »