April 19, 2024
Financial checklist for spring 2024

Check on 401(k) contributions

You’re halfway through the year—how are your investments doing? Consider logging into your retirement accounts and checking your progress. Fidelity’s guideline is to save 15% of your income toward retirement savings, which includes your employer match. If you’re not there yet, try to inch up your contributions by 1% whenever you get a raise, bonus, or other windfall. Your employer might even offer an automatic increase program to do this for you each year. If you can, consider contributing at least enough to your 401(k) to get any match your company may offer, so you don’t leave any money on the table.

Looking to max out your accounts? Individual contribution limits went up in 2024 to $23,000 for 401(k)s and $7,000 for IRAs. And those 50 and older can contribute an additional $7,500 in 2024.

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