Want to boost your retirement income?  The best thing you can do now is add the most you can to your retirement savings each year.  How much can you put aside?  The IRS allows for annual contributions, but only up to certain limits depending on the type of your retirement plan and your age.

Since these limits seem to change from year to year, it pays to stay informed in order to maximize your allowable contribution.  The good news:  If you’re already over 50 the IRS is allowing “catch up” contributions for most plans.  That’s another way to say you can sock more money away now if you need to beef up your fund.

 

The chart below gives a quick rundown on the limits for 2011:

 

 

As these plans will ultimately affect your taxes (either now or in your retirement years), we strongly recommend consulting with a tax specialist before making a decision on the best plan to fit your needs.  In the meantime, if you just want some basic information on the various plan types, the IRS offers a ton of free information online.  You can visit their website by clicking here.

It’s really never to early to start planning for a successful and happy retirement.  For much more information on this topic you may also want to read the following Javabird.com posts:

_______________________________________________

What's your strategy?

12 Strategies For Successful Investing – If you plan to invest, use these strategies to do it wisely.

_______________________________________________

Own a cash cow.

Great Savings Tip #76 – Invest In A 401k - There’s free money to be had.  Are you getting it?

_______________________________________________

Are you prepared?

How Would You Pay For A Nursing Home – Will you be able to afford a home when you need one?

_______________________________________________

Start planning.

Plan For Retirement Now – 12 must do steps as you plan for retirement.

_______________________________________________

Think decades.

The Time Lifeline: Planning For A Brighter Future – Take a look at the big picture when setting goals.

_______________________________________________

By Bob Anderson
© 2011 Javabird LLC.  All rights reserved.

_______________________________________________