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So many people have no idea when to start planning for retirement or how much they should save. The truth is that there are laws in place that regulate how much you can save in certain retirement plans.
For instance, if you got a raise to $100,000 today and decided to catch up on savings for your golden years, you couldn’t just go to your human resource department and say, “Take 50 percent of my new salary and sink it into my 401k.” It’s not permissible.Â You can only save up to $17,000 in your 401k in 2012.
Take the Kiplinger’s Retirement Quiz to test and increase your knowledge of retirement planning — and see what you can and can’t do when it comes to retirement.