Are you over age 50?

Sep 25, 2023

Consider making a catch-up contribution to your retirement!

If you contribute $7,500 each year from age 50 to age 67 (17 years), you can make a big impact on your future.*This example is intended for illustrative purposes only.

When am I eligible to make a catch-up contribution?

If you turn age 50 anytime in the calendar year, you are eligible to contribute an additional $7,500 into your plan as a catch-up contribution. This is in addition to the $22,500 annual limit.

Is the catch-up contribution pre-tax or Roth?

Yes, either type of savings are available for your catch-up contribution. Depending on your income, the Secure Act 2.0 may require a change for your situation to Roth (more information to follow).

What does this all mean?

If you wish to save an additional $7,500 per year, you can accumulate over $250,000 in the next 17 years! As the limits to save increase, you may be able to save even more each year. Please access your retirement plan provider’s website or consult with your financial professional.

For more information, please contact Preston Englund at 402-461-4893 or .

Securities offered through IFP Securities, LLC, dba Independent Financial Partners (IFP), member FINRA/SIPC. Investment Advice offered through IFP Advisors, LLC, dba Independent Financial Partners (IFP), a Registered Investment Adviser. IFP and Ridgeline Advisors are not affiliated.The information given herein is taken from sources that IFP Advisors, LLC, dba Independent Financial Partners (IFP), IFP Securities LLC, dba Independent Financial Partners (IFP), and its advisors believe to be reliable, but it is not guaranteed by us as to accuracy or completeness. This is for informational purposes only and in no event should be construed as an offer to sell or solicitation of an offer to buy any securities or products. Please consult your tax and/or legal advisor before implementing any tax and/or legal related strategies mentioned in this publication as IFP does not provide tax and/or legal advice. Opinions expressed are subject to change without notice and do not take into account the particular investment objectives, financial situation, or needs of individual investors. This report may not be reproduced, distributed, or published by any person for any purpose without IFP’s express prior written consent. Prepared by 3rd party.

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