Maximum 401(k) contributions for next year were frozen at 2013 levels by the IRS, but advisors say that might not be such bad news for those saving for retirement.
"By building so much 401(k) money you are making a deal with the devil," said Jim Heafner, president of Heafner Financial Solutions in Charlotte, N.C.
Heafner explained that, with many expecting tax rates to rise over the next several years, using Roth IRAs, brokerage accounts and other post-tax vehicles for a portion of retirement savings is a good strategy.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
