As powerful as a 401(k) is, it isn't always enough, especially if you started late. So don't be surprised if retirement calculators out there tell you to save outside your company plan as well.
Those non-401(k) savings may also qualify for tax breaks. Miss out on them and you're passing up a powerful way to build wealth quickly. So once you fund your 401(k), see if you qualify for a traditional or Roth IRA. If you do - get IRS Publication 590, Individual Retirement Arrangements at irs.gov to find out - you can set aside up to $4,000 this year and $5,000 in 2008. If you're 50 or older, you can throw in an additional thousand bucks.
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Are you grabbing every tax break you can?
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