💨 Abstract

The article advises workers to contribute to both a 401(k) and an individual retirement account (IRA) for retirement savings, as both defer income tax on contributions. For 2025, the contribution limits are $23,500 for 401(k)s (plus catch-up contributions for those 50 and older) and $7,000 for IRAs. High earners may face income limits for tax deductions.

Courtesy: wtop.com

Summarized by Einstein Beta 🤖