How to Maximize Your Contributions to a fidelity simple ira

If you're currently contributing to a fidelity simple ira, you're on the right track for building a solid retirement fund. However, there are ways you can maximize your contributions to ensure you're getting the most out of this retirement account.

First, consider maximizing your contributions each year. The contribution limit for a fidelity simple ira in 2021 is $13,500, but if you're over age 50, you can make an additional catch-up contribution of $3,000. By contributing as much as allowed, you'll be taking full advantage of the tax benefits and compound interest over time.

Next, take advantage of investment options that align with your long-term goals. With a fidelity simple ira, you have access to a range of investment options, including mutual funds, ETFs, and individual stocks. Consider diversifying your portfolio to minimize risk and maximize returns.

Finally, don't forget about employer contributions. With a fidelity simple ira, your employer is required to contribute to your account in one of two ways: a 2% non-elective contribution or a matching contribution of up to 3% of your salary. Make sure you're taking full advantage of any employer contributions available to you.

Overall, a fidelity simple ira is a great way to build a retirement fund. By maximizing your contributions, investing wisely, and taking advantage of employer contributions, you can ensure you're on track for a comfortable retirement.

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