One of the ultimate goals in life is retirement! Retirement isn’t the same for everyone, and it doesn’t necessarily mean you have to stop working. Maybe it means moving somewhere with a lower cost of living and closer to grandchildren. Maybe it is finding an old historic town on the water. Maybe it is moving to the mountains close to the outdoor life you always dreamed of. Maybe it is staying in your house and changing your work hours to more frequent traveling. Maybe it is volunteering more of your time to causes that mean a lot to you. Maybe it means working less hours doing something you are truly passionate about. But, one thing that retirement doesn’t have: an age limit. Once you are financially prepared, you can transition to retirement when you want to.
Retirement Account Contribution Limits:
– IRAs (Individual Retirement Arrangements): Contribution limits for 2019 and 2020 are $6,000 ($7,000 if you’re 50 or older)
– 401(k)’s, 403(b)’s, TSP – Contribution limits is $19,000 for 2019 and $19,500 for 2020. Catch up contributions are an additional $6,000 in 2019 and $6,500 in 2020.