Can you retire a millionaire by using only a 401 (k)? | Personal finance

The biggest problem with IRAs and HSAs is their low contribution limits. You can only contribute up to $ 6,000 a year to an IRA (or $ 7,000 if you are 50 years or older). Individuals can only contribute up to $ 3,600 to an HSA by 2021, while families can contribute up to $ 7,200. These limits will increase by $ 50 and $ 100 for 2022, respectively.

If you end up bumping into these ceilings, you might want to consider switching back to a 401 (k) so you can contribute even more to retirement, but again, that’s your calling.

You might decide that you like your 401 (k) and you only want to put your savings there. That’s fine too. The important thing is to weigh the pros and cons of the different types of retirement accounts available to you and choose the ones that make the most sense for your situation.

The $ 16,728 social security bonus completely overlooks most retirees

If you are like most Americans, you are a few years (or more) behind with your retirement savings. But a handful of little-known “social security secrets” could help secure a boost in your retirement income. For example: one easy trick could pay you as much as $ 16,728 more … every year! Once you’ve learned how to maximize your social security benefits, we think you can safely retire with the peace of mind we all seek. Just click here to find out how you can learn more about these strategies.


Leave a Comment