What to do if you max out your IRA and 401(K)
If you are contributing the maximum amount to your 401(k) or other employer-sponsored retirement plan each year, that’s good. And if you’re also “maxing out” on your Individual Retirement Account (IRA) annually, that’s even better. But what then?
If you’re already fully funding your 401(k) and IRA, can you put away even more for retirement? Should you?
The answer to this last question is almost certainly “yes” — because you could spend a long time in retirement. How long? Consider these statistics from the Society of Actuaries: