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Friday, November 7, 2014

Painless Ways to Boost 401(k) Balance in Year 2015

The IRS raised the 401(k) maximum contribution limit from $17,500 to $18,000 starting in 2015. Employees who are age 50 and older can contribute $6,000 extra to their 401(k) as catch up contributions. That’s also an increase of $500 from the current catch up contribution amount of $5,500.Good news for those who already maximized their 401(k) contributions already, but what about for those who are not?

It may seem hard to save for retirement early, because it is yet too far. But the more you save the more comfortable retirement you'll have. You don't want to live on social security benefit alone, because it might not give you enough comfort during retirement years. You need to contribute enough.

Here are some tips to help you increase your 401(k) contribution:

1. Split your raise
2.Track your expenses.
3. Automatic increase.
4. Do your own taxes.
5. Save more now.

Read the full in-depth article here: