Catch-Up Contributions
Aug. 29, 2017 Article

Catch-Up Contributions: Saving As Much As You Can For Retirement

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As you are planning for your retirement, it’s important to save early and often. If you wish to maximize your 401(k), IRA or other retirement accounts’ earning potential, you may wish to contribute to these accounts at the highest level permitted by the IRS. Provided below are 2019 contribution limits for individuals who are not yet age 50, as well as limits for those age 50 and older who are eligible to make catch-up contributions.

Catch up contributions for 2019

Catch-Up contributions difference

Please note, to be eligible for catch-up contributions, there is no other requirement than to have reached age 50 or older. And, even when contributed later in one’s career, catch-up contributions can have a large impact on retirement savings, as illustrated in the table above.

As illustrated, based on an annual return of 5 percent, there is an additional $135,945 in gain by the individual who made catch-up contributions beginning at age 50 versus the individual who did not. Making catch-up contributions can make a big difference.

For additional assistance with your retirement planning needs, please contact your wealth advisor.

 

This document is for informational use only. Nothing in this publication is intended to constitute legal or tax advice. There is no guarantee that any claims made will come to pass. The information contained herein has been obtained from sources believed to be reliable, but Mariner Wealth Advisors does not warrant the accuracy of the information. Consult a financial, tax or legal professional for specific information related to your own situation.

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