Over 50? Your Savings Gets Better With Age

Wisdom isn’t the only benefit you get with age.

Starting the year you turn 50, you can make these additional “catch-up” contributions towards your retirement accounts:

  • Up to $6,000 more for 401(k), 403(b), SARSEP, or governmental 457(b)
  • Up to $3,000 more for SIMPLE IRA or SIMPLE 401(k)
  • Up to $1,000 more for traditional or Roth IRA

These amounts are ON TOP OF the standard limits everyone is allowed to contribute in 2017:

  • $18,000 for 401(k), 403(b), SARSEP, or governmental 457(b)
  • $12,500 for SIMPLE IRA or SIMPLE 401(k)
  • $5,500 for traditional or Roth IRA

Upon turning 55, you can also contribute an extra $1,000 to your Health Savings Account (HSA) over and above the current limits of:

  • $3,400 (Self coverage) or $6,750 (Family coverage) for HSA

Remember: it’s never too late to save additional monies towards your retirement. Even a small increase towards your savings made with each paycheck will make a positive impact to your bank account when you’re a retiree.

Posted in 2017 Mid-Year Newsletter

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