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However, it is possible to save too much in these accounts.
Experts explain why you might want to spread your retirement dollars around into other retirement accounts.
He said, Traditional 401ks do not provide much flexibility.
This scenario underscores the critical need forstrategic retirement savings diversification.
For 2024, the limit is $23,000 with an additional $7,500 for those 50 and older.
That might not be enough.
Utilizing other savings vehicles can help meet more ambitious retirement objectives, she said.
Money in these accounts is liquid and accessible prior to age 59 1/2.
So, in the case of emergencies or early retirement, these accounts can be incredibly valuable.
Roth IRAs allow for tax free growth and the ability to withdraw principal without penalty before 59 1/2.
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