Tips To Fix Excess Contributions To 401(k) And IRA

Saturday, December 11, 2010, AM | 3 Comments

U.S. News & World Report – There are many ways to save for retirement. You can open a Roth IRA with a financial institution, contribute to a 401(k) or Thrift Savings Plan account through your employer, make contributions to a self-employed retirement plan, or use some combination of these accounts.

Having several retirement accounts to choose from offers you flexibility when planning your retirement, but it can also open the door for making honest mistakes such as exceeding the annual contribution limits.

Once you reach your contribution limits, you must stop making deposits into the account. Here’s a look at the consequences of contributing too much money to your retirement accounts.

Thrift Savings Plan is offered to Federal employees and members of uniformed services.

Read the Full Story in U.S. News & World Report.

In a Nutshell
Follow the report. If need be, talk to your employer and adjust your contributions accordingly.

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