I wish we had the 401k over here. It is one of the better pension funds in my opinion. But the IRA sets contribution limits which increase each year and as we have just entered a new year, the limits have changed again.
The contribution limits this year have hit $15,500 while the catch up contributions for those over the age of 50 is still $5,000.
So you can put a huge chunk of change in your pension fund this year if you have the means. Of course, it is also subject to the employer’s limits too but not all company plans have additional limits.
