Limits on 401k and IRA contributions

[happygirl]

I think I read that you can't put more than 16500 in a 401k in a year and the limit for IRA's is 5000 per person per year (unless you're over 50). So my question is this: What if you want to put more than that into retirement?

Thanks in advance. I really appreciate all that I'm learning here.

[buildmybudget]

Well, you could purchase cd's, buy mutual funds or stocks and put them in a regular account(not tax-sheltered), you could purchase a house or a second one, an annuity, or you could simply save more each month. If you have no debt, are maximizing your Ira and 401k, have an emergency fund, and own a house then you're in great shape. If you still have extra funds to invest, I'd go speak with a few personal financial advisors, find one that I like, and talk to them about next steps.

[creditcardfree]

Well, you could purchase cd's, buy mutual funds or stocks and put them in a regular account(not tax-sheltered), you could purchase a house or a second one, an annuity, or you could simply save more each month. If you have no debt, are maximizing your Ira and 401k, have an emergency fund, and own a house then you're in great shape. If you still have extra funds to invest, I'd go speak with a few personal financial advisors, find one that I like, and talk to them about next steps.

Good advice. The annuity and first home are really the only ones that would be tax sheltered. If you have kids, you could save for their college in an ESA or 529 plan.

[happygirl]

Thanks for the ideas.