Many people struggle with the question of how much money to put into their retirement savings account. Thanks to time and compounding, even a little can do a lot over the long-term. If you start with small contributions, or if your time horizon isn't so long anymore, it's important to try to increase your overall contributions over time to the maximum allowed by law. One idea is to take half of your next salary raise and invest it in your savings plan. Out of sight, out of mind, as they say.
Different plans allow different contribution amounts.
Check with your human resources department, business office or church treasurer for more information. At the very least, contribute enough to qualify for any matching contributions available from your employer or state convention. The Internal Revenue Service limits the amount you may contribute to a tax deferred savings vehicle. Contact the Annuity Board for a free calculation of your maximum contribution limits, especially if your pay includes a minister's housing allowance. How much you contribute is your decision.