Category: General Retirement

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    Differences Between a Roth 401(k) and a Roth IRA

    You can have both a Roth 401(k) account and a Roth IRA account. The contribution limits are separate.    Roth 401(k)  Roth IRA  Maximum contribution (2025)  Lesser of $23,500 or 100% of compensation  Lesser of $7,000 or 100% of earned income  Catch-up contribution (2025)  $7,500 for age 50 to 59 and 64 and older; $11,250…

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    Borrowing or Withdrawing Money from Your 401(k) Plan

    If you have a 401(k) plan at work and need some cash, you might be tempted to borrow or withdraw money from it. But keep in mind that the purpose of a 401(k) is to save for retirement. Take money out of it now, and you’ll risk running out of money during retirement. You may also…