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Baby boomers are becoming homeless at a rate ‘not seen since the Great Depression’ (moneywise.com)

submitted 1 year ago by narwhal@lemmy.ml to c/usa@lemmy.ml

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[–] n0m4n@lemmy.ml 3 points 1 year ago* (last edited 1 year ago) (1 children)

The amounts have changed. For 2023, the current 401K maximum is $22,500, and if you are 50 or older, $30,000.

For 2023, the total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than: $6,500 ($7,500 if you're age 50 or older), or. If less, your taxable compensation for the year.

Cutting the budget to come up with an extra $28,000 is the hard part.

[–] wintermute_oregon@lemm.ee 2 points 1 year ago

I’m not eligible for a Roth and I don’t get a tax deduction for an Ira. I do roll over my 401k into an Ira when I go to a new employer.

The amount change ever year but they really don’t amount to a good retirement.