1. Catch-Up Contributions for Retirement Accounts
Rebuilding Your Nest Egg and Saving on Taxes
If you’re looking to boost your retirement savings, being over 50 is a huge advantage. Catch-up contributions allow you to invest more money into your 401(k), IRA, or Roth IRA, so you’ll be able to grow a more significant nest egg much faster.
In 2024, the contribution limits for these accounts are even higher for people over 50, allowing you to accelerate your savings:
For your Ready Calculation with 401K Calculator (Click to Use)
- 401(k) or 403(b): You can contribute an extra $7,500, bringing your total contribution limit to $30,000. This means you could save even more in pre-tax dollars, reducing your annual taxable income.
- IRA or Roth IRA: For those over 50, an extra $1,000 contribution is available, making your total contribution limit $7,500.
This is your chance to put more money into your retirement accounts, enjoy tax benefits, and feel secure knowing you’re preparing for a secure future.
Tip: Catch-up contributions can make a big difference if you’re behind on retirement savings. Don’t leave this money on the table!
Read carefully and take more benefits – Significant Changes Coming to Your 401K Plans in 2025: What You Need to Know
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