Retirement planning isn't a "set it and forget it" exercise. Contribution limits are adjusted periodically, your income and tax bracket change over time, and the accounts that made sense five years ago may not be the best fit today.
Traditional vs. Roth
The traditional-versus-Roth decision often comes down to whether you expect to be in a higher or lower tax bracket in retirement than you are today — but it's rarely that simple in practice, especially if you expect your income (or the tax code itself) to change significantly over time.
Employer Plans
If your employer offers a match on a 401(k) or similar plan, that's generally worth prioritizing before other savings, since it's effectively an immediate return on your contribution. Self-employed individuals have their own set of retirement plan options worth reviewing, some of which allow for significantly higher contributions than a typical employee plan.
Catch-Up Contributions
Once you reach a certain age, the IRS allows additional "catch-up" contributions on top of standard limits — worth factoring into your planning as you get closer to retirement.
A Good Annual Habit
Each year, it's worth revisiting: Are you contributing enough to get any available employer match? Does a Traditional or Roth account (or a mix) make more sense given this year's income? Are you eligible for catch-up contributions? Has a life event changed your retirement timeline?
Because exact contribution limits change periodically, always confirm current figures before making decisions — or better yet, let's review them together as part of your annual planning.