How To Guide For: A Look At Some Of The Reasons Why You May Not Be Able To Retire Comfortably &

We would all like to hopefully retire someday. But sometimes things come up and you are not able to plan and save for retirement. With the corporate pensions going away and people living longer you will end up having to figure out how to build savings if you don't have some already when you get to the retirement stage. Another reason you may not be able to retire is that you're not putting money into a 401(k). So for the Millennials of the world if you don't have a 401(k) and you're employed now is the time to sign up for one through your employer or if you're self employed there are other retirement plan options available for you. A 401(k) will come in handy when it's retirement time. With a 401(k) as of 2013 the maximum amount of compensation that an employee can defer to a 401(k) plan is $17,500. Employees age 50 by the end of the year and older can also make additional catch-up contributions of up to $5,500. Another reason why you may not be able to retire is because you cashed out of your 401(k) when you switched jobs. I always made sure that when I switched jobs I rolled my 401(k) over into an IRA so that keeps me from cashing out on the retirement money. You want to make sure if you're switching jobs that you don't cash out on the money intended for your retirement. You should try and either move it into your new company's 401(k) or roll it over into an IRA or find another option. But don't cash out because that slows your saving for retirement. These are just some of the reasons why you may not be able to retire comfortably. To get more information -- click on the pictures below to read the articles.