The one thing I took away from this was maxing out on your 401k.
NPR reports that in 2011, the maximum that you can contribute is $16,500, or up to $20,000 for those 50 and older. Under some other tax plans, it can be lower to about 20 percent of your income or $20,000, whichever is higher.
I currently do not have a 401k account. When I first started at my place of employment, I found no incentive for starting one and questioned the difference between it and a savings account. After going to a meeting, I was slightly intrigued. The fact that the money is taken out prior to taxes on your checks was enough to pique my interest.
Recently, it was announced at my job that a portion would be matched for each dollar you saved.
Needless to say, I'm in the works of setting up a 401k and slightly kicking myself for not setting it up before.
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