piggy bank at edge of chalkboard maze (Photo: Shutterstock)

We can all agree that building our retirement savings is an important goal. Statistics make it clear that we are living longer and when we combine that with the fact that we want to retire sooner leaves a decades-long gap that few people are prepared to deal with.  While Social Security was once the intended funding source for people’s retirement, today you might just be able to count on that to pay your monthly rent or mortgage.  With a well-thought-out plan and a bit of planning and years of savings, you may be able to afford to retire at some point. Americans have done a poor job at saving for retirement, but it isn’t completely their fault. The options available for saving have become extremely confusing over time. Americans are offered either corporate or individual retirement savings options, each with their own set of rules, regulations, and contribution limits. With more and more Americans choosing to manage their own investments, selecting the best retirement account(s) is a daunting task. It is time to simplify the retirement account landscape. 

Not only can it be very confusing to chart a course and pick a plan, but with so many different retirement plan options available, savers need to focus on which plans they qualify for, which they’ll get the most benefits from, and how taxes affect each type of plan and payout once they are ready to make withdrawals in the future.  Do you know the contribution amount you are limited to in your account? If you said $6,000, $7,000, $19,500, $26,000, $58,000 – you are right and you are wrong – it all depends on the type of account you are contributing to.

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2023 ALM Global, LLC. All Rights Reserved.