2017 Mid-Year Newsletter

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.

Leave a Reply