Look Closely At Your 2007 401k Limit
What choices have you made now that it's time
to plan for your future? Have you opened an IRA for savings? Have you signed
on for your employer sponsored 401k? Or have you been working with a stock
analyst to determine which investments you can make that will help you to
achieve all of your retirement goals?
When you save with either an IRA or with an
employer sponsored 401k, there are limits to the amount that you can contribute.
2007 will be no different than other years. The amount that you can contribute
to your 401k will depend some upon your employer. There will also be a 401k
contribution imposed by the federal government.
But are you sure that you want to be limited
in the amount that you are able to save for your retirement? Do you want anyone
to be able to tell you how much money you can save in your account?
That isn't to say that you should stop saving
in your employer sponsored 401k. There are benefits to saving with a 401k
despite the contribution limits for 2007, most notable of these benefits
is the matching contributions that your employer makes.
But just because your employer also contributes does
not mean that a 401k is the fastest way to grow your savings. What if there
were other ways that you could save for your future that would not have a
limit imposed for 2007 or any other year for that matter? What if you
could evaluate your savings accounts and your investments to know which were
the most beneficial to you?
There is one easy way
for you to evaluate all of the savings and investment accounts that you have.
With our free retirement calculator, which you can download by clicking the red
button at the bottom of this page, you can take a look at the way that all
of your savings accounts - whether they are an employer sponsored 401k or a
Roth IRA or annuity accounts - and your stocks, bonds and mutual funds have performed
over time.
You'll also be able to see how your savings
and investments are projected to perform over the next 25 years. The projections
will take into consideration the way that changing interest rates and inflation
will affect your savings and investments.
More importantly, you'll be able to look at
the changes that you've considered making to your savings and investment plans.
You'll be able to look at the way withdrawals will affect your income now
and after you've retired. You'll also be able to look at the way that investing
in different stocks or bonds might benefit you more in the long run than the
investments that you have now.
And after you've had the chance to
really look at your savings and investments, you'll be able to ask your
questions to a professional financial advisor. When you download our free retirement
calculator, you'll receive a free consultation with a retirement counselor.
Ask all of the questions you have: Whether or
not you should invest more of less in your 401k plan given the 2007 contribution limit;
whether or not an IRA or a 401k is better for you. Discuss the changes that
you are thinking about making to your investments. And, during your consultation, develop
a plan for saving for the retirement that you've always dreamed of -
a plan that will ensure that you reach all of your financial goals.
In order to invest wisely, you need to understand
your savings and investment accounts. You need to understand the 401k limit
for 2007 and the years beyond it, and you need to know whether or not a 401k
is the best way for you to invest in your future.
Find out now whether you're heading in the
right direction or if you need some help getting to your destination: Click
the red button to download our free retirement calculator today.
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