- The retirement plan maximum increased in 2015 to $18,000/year with a $6,000/year catch up contribution for those aged 50 and over. If you are fortunate enough to be adding the maximum each year to your retirement plan, make sure your contribution percentage is up to date with the new limits.
- If you are thinking “No way will I ever get to save that much”, now is a good time to download your annual spending report from your credit card’s website. Look for where you are frittering away your money and make a plan to lower those expenses. Then, increase your retirement plan deduction!
- Most people do not have the recommended 3-6 months’ expenses in a savings account. If this is you, set up an automatic transfer from checking to savings every month. If having the savings account right next to the checking account is too tempting, open a savings account at a separate bank from your checking.
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