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I'm 28, how can I maximize my retirement savings?

Posted by Cheryl Costa  July 2, 2008 04:59 PM

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TJ writes:

I am 28 years old. I started working 3 years ago and I am saving 2 percent of my pay in my 401(k). My employer does not match my contributions at all. What are my options for maximizing my retirement savings? Would I be better off with IRA accounts?

TJ, it is wonderful that you are looking at how you can maximize your retirement savings. Even though your employer does not offer a match, the 401(k) is probably your best opportunity to sock away the largest amount of money. At your age, you are able to contribute up to $15,500 to your 401(k). IRAs are also a great option, but the contribution limits on those accounts are $5,000. Keep in mind that you can contribute the max to both the 401(k) AND the IRA, so it is possible to be saving as much as $20,500. If you can save at least 10% of your salary now and throughout your working career, you will be in great shape for retirement when the time comes.

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Local finance professionals share insights and advice on issues such as budgeting, managing debt, and retirement planning.

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D. Abraham Ringer is a CERTIFIED FINANCIAL PLANNER practitioner and a Financial Adviser with Morgan Stanley Global Wealth Management in Boston. He is registered in MA, NH, NY and several other states to which his articles are directed. For more information please visit www.morganstanleyfa.com/ringer
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