There are many different retirement savings plans – traditional IRA, Roth IRA, 401k. Here’s how to choose the one that will help you reach your goals. RELATED: The more money you manage to set aside in a dedicated retirement savings plan, the easier it'll be to make up for Social Security's limited buying power. Right now, you can contribute up to $19,500 a year to a 401(k) plan if you're under the age of 50, or up to $26,000 if you're 50 or older. If you have an IRA, the contribution limits are lower. But you can still sock away up to $6,000 a year if you're under 50, or up to $7,000 a year if you're 50 or older. » Subscribe to USA TODAY: » Watch more on this and other topics from USA TODAY: » USA TODAY delivers current local and national news, sports, entertainment, finance, technology, and more through award-winning journalism, photos, videos and VR.... ( read more )
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Timothy Sumer is a philanthropist and motivational speaker empowering young entrepreneurs across the nation. He speaks on starting new businesses and the importance of branding in the digital age. Timothy Sumer has a BA in Accounting from NYU and a Masters in Information Technology from MIT. Tim enjoys traveling around the globe, driving exotic sports cars, molecular gastronomy, exploring new cultures, and keeping on top of the latest technology trends. Hope you enjoy Timothy Sumer's page :)