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How much do you need for retirement? Well, investment research firm Morningstar has a handy but somewhat scary stat: $1.18 million. Using average annual returns of 6% and pegging inflation at 2.5%, Morningstar calculates that’s the amount of savings needed to achieve $40,000 per year in annual income for 30 years.1
If your retirement assets aren’t quite on track to meet that goal, there are two financial strategies that can help – and they both have additional tax benefits. We take a close look at the IRS’s catch-up plan for those 50+ and Health Savings Accounts.
Thanks to what the IRS calls the “catch-up” contribution, employees 50 and over are allowed to contribute an additional $6,500 per year to a 401k plan. That additional money invested over time has a significant impact on the total value of a retirement plan invested... ...
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