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 2017 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.

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 below.

Catch-Up Contributions Difference

 

As illustrated, there is an additional $142,000 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.

 

 

 

The information contained herein is not intended to be personal legal, investment or tax advice. Nothing herein should be relied upon as such. The views expressed are for commentary purposes only and is based on information and sources of information deemed to be reliable, but Mariner Wealth Advisors does not warrant the accuracy of the information that this opinion and forecast is based upon. 

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