Saving for retirement is getting more expensive

To encourage people to save for retirement, the IRS allows people age 50 and over to put an extra $7,500 into their 401(k) plans before hitting pre-tax limits (and an extra $11,250 for people between 60-63). But upcoming changes to the tax code will make that perk vanish for people who make more than $145,000 per year. Starting next month, high-earners over 50 who are hoping to put more money into their retirement savings will have to do so after paying taxes via a Roth 401(k). That's going to mean they'r ...