401K Membership Plan: Easy Way to Secure Retirement

Worried about retirement savings? Here, you get the reasons why saving from an early stage of career always comes with safety. 401K limits provides you flexibility of saving and enjoying retirement. Check out 401K contribution limits every year and save according to your affordability.

Are you planning for your retirement seriously? If not yet, think again and start saving as soon as possible while earning. However, the major concern among retirement savers is how to secure their retirement while saving their earning. This is where 401K retirement plans emerge into light and give you mental peace regarding retirement savings.

The biggest flexibility that comes with 401K retirement saving plans is yearly revision of contribution limits. 401K limits are revised annually taking the inflation of the US economy into account. This year the upper limit of contribution is $16,500 per year apart from the catch up limits. Catch up limits are only for those savers who are more than 50 years of age. They can contribute $5,500 on the top of the 401K contribution limit.

The Good news for savers-

As it’s already known that 401K saving limits are revised every year. 2013 is not an exception in this regard. The hottest of the news is in 2013, the maximum limit is to rise by $1,000. This simply means that next year a saver can contribute up to $17,500 per year in their 401K account. The more you save, the happier retirement you enjoy.

No Change in Catch up limits-

Permission for higher contribution limits is great news for all. Though there is no change for catch up limits of $5,500. However, a saver of 50 years of age or above can now contribute $23,000 ($17,500+$5,500) per year to their savings account. Admittedly, a person of 50 years of age or more can now save more to make their retirement savings better.

All other benefits are Likely to Rise-

All other retirement benefits depend much on the amount saved in an account. By this change in the contribution limits, the account balance of savings will go up for sure. Moreover, it enhance the retirement saving benefits for sure.

Bigger Amount of Loans-

401K loan is good or bad- it can be debated. Generally, with bigger amount of savings, you can apply for bigger amount of loans.  Finance advisors at times ask not apply for this type of loan, for short-term debts settlement, this loan works a lot.  Most importantly, if you are sure of your job security, 401K loans saves your pocket from higher rate of interest.

Why 401K is easy, popular and secure for savers?

With a 401K account, you get hassle-free savings plan. Free assessment in just two minutes and consequent savings consultations come handy. Moreover, tax benefits up to $6,000 has contributed well in making this savings plan an easy choice among savers.

To conclude-

Retirement plans are mushrooming every here and there. Choosing the right plan is not only vital but essential to secure your retirement. It’s always good to save while earning. The more you earn the happier retirement you enjoy.

Before making final decision, it’s better to consult with experts. Take out sometime and find out the plan which exactly suits your pocket and investment plan. Save with a 401K plan and enjoy the golden period of your retirement.

 Saving for secure retirement is more about staying updated and contributing as much as possible. Here you get updated information about 401K contribution limit. Read more about 401k limits for 2013. Save as much as you can.