7. Invest 15% of your income

Now that you’re actively saving for your goals, accelerate your savings to build sustainable wealth.

Tip 1: Update your budget to include your investments.

The 15% includes what you are investing into 401(k)/403(b). It does not include the employer match. If you are investing less than 15% into your 401(K)/403(b), supplement your investments with IRAs, mutual funds, stocks, etc.

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Tip 2: Contribute the maximum to your 401(k)/403(b) every year.

The maximum contribution limit for 2024 is $23,000, with an additional $6,500 catch-up contribution available to those 50 or above.

You’ve got your plan, but there may be questions along the way, or you’d like to review other investment options. Stay connected with your advisor if you need additional resources or recommendations to implement your retirement plan.