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Can You Save Too Much For Retirement?
Can you save too much for retirement? Well, of course, the answer is no - as long as you don’t run afoul of IRS rules for tax-advantaged savings. The IRS limits how much money you can sock away each year into a tax-advantaged account and also defines when you must start taking money out of that account and pay taxes on it. Missing those targets can carry some pretty severe and costly penalties, so if you’re fortunate enough to be able to save a substantial part of your earnings, make sure you know the IRS’ rules about retirement savings. This article by Liz Weston appearing at the Coast Reporter explains.
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